The market supply curve is found by
A. plotting and summing up the supply curves of individual firms.
B. plotting the supply curves of individual consumers.
C. taking the supply curve of the representative firm.
D. plotting the supply curves of individual firms.
Answer: A
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Suppose you recently took a pay cut of 2% at your job. You expect the price level to fall by 3% during this year. What would be the impact on your real wage?
a. The real wage would fall by 3% b. The real wage would rise by 3% c. The real wage would fall by 1% d. The real wage would rise by 1% e. The real wage would be unchanged
If because they expect the central bank to disinflate, people reduce their inflation expectations, then is the sacrifice ratio larger or smaller the otherwise? Defend your answer by referring to the Phillips curve
According to the textbook, demand and supply determine prices, and prices allocate scarce resources in the economy.
a. true b. false
A fund that takes household savings and puts them into ________ projects in exchange for a share of the profits if the new business succeeds is a venture capital fund.
A. zero-risk B. low-risk C. high-risk D. government