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

Economics

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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

Economics

Alexander Hamilton used the infant-industry argument to support trade restrictions

Indicate whether the statement is true or false

Economics

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

Economics

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

Economics