An increase in the actual price level does not shift the short-run aggregate supply curve, but an expected increase in the price level shifts the short-run aggregate supply curve to the left
a. True
b. False
Indicate whether the statement is true or false
True
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The price of a new textbook is $60 in one year and $75 two years later, while the price of a used copy of the textbook increased from $25 to $37.50. The relative price of a new textbook
A) increased by 25 percent. B) increased from 2.4 to 3. C) decreased from 2.4 to 2.0. D) decreased from 1.4 to 1.25
Alexander Hamilton used the infant-industry argument to support trade restrictions
Indicate whether the statement is true or false
American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. for the US, what is the opportunity cost of a car?
a. 2.5 tons of grain b. 0.4 tons of grain c. 10 tons of grain d. 5 tons of grain
Refer to the above table. At a wage rate of $23 per worker, the firm will choose to employ:
A. 2 workers
B. 3 workers
C. 4 workers
D. 5 workers