In a short-run macroeconomics equilibrium, real GDP exceeds potential GDP, so the...
What will be an ideal response?
short-run aggregate supply curve will shift leftward as the money wage rises
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Suppose an economist claims there are substitutes for wetlands. The person is saying
A) wetlands are of no value. B) wetlands are worth less than their substitutes. C) there is a cost to maintaining a wetland. D) there is a cost to maintaining a wetland, and it is necessarily too high. E) economists don't like wetlands.
In Figure 5-19, the consumer experiences at point C
A. greater total utility than at point D. B. greater total utility than at point E. C. less total utility than at point D. D. total utility equal to that experienced at point D.
Worsening terms of trade can be offset by
a. increased productivity. b. increased competition. c. reductions in domestic tariffs. d. increased property taxes.
Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security b. Interest on the national debt c. National defense d. Education and health