Suppose the U.S. GDP growth rate is slower relative to other countries' GDP growth rates. This will
A) move the economy up along a stationary aggregate demand curve.
B) move the economy down along a stationary aggregate demand curve.
C) shift the aggregate demand curve to the left.
D) shift the aggregate demand curve to the right.
Answer: D
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The PIA is generated with a formula such that
A. high-income earners receive the same as low-income earners. B. high-income earners receive less than low-income earners. C. higher-income earners receive more money but a lower proportion of their AIME than lower-income. D. higher-income earners receive the same proportion of AIMA as low-income earners.
Which of the following factors is NOT part of the budget equation?
A) relative prices B) real income C) quantities of goods D) preferences
If a resource can be put to a single use and has no alternative uses then:
a. economic rents are zero. b. transfer earnings are maximized. c. total earnings are zero. d. all earnings are economic rents. e. all earnings are transfer earnings.
What is a surplus? What is a shortage?
What will be an ideal response?