The annual rate of growth of commodity output during the Civil War:
a. held constant from the previous decade.
b. increased by roughly 25 percent.
c. fell by more than 50 percent.
d. None of the above is correct.
c. fell by more than 50 percent.
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Apply the concepts of menu costs and staggered price setting to the labor market
What will be an ideal response?
When the price level is below the level at which the aggregate demand curve crosses the long run aggregate supply curve
A) there will be no price level change. B) there will be pressures that will lead to a shift of either the aggregate demand or the long run aggregate supply curves. C) total planned real expenditures will exceed actual real GDP, and the price level will increase. D) total planned real expenditure will be lower than actual real GDP, and the price level will increase.
The Toxics Release Inventory (TRI)
a. is a national database providing information about hazardous releases b. provides information on hazardous substances solely to government officials c. is no longer maintained and reported to the public d. provides an annual list of the parties responsible for hazardous releases
Suppose the price of natural gas, a typical fuel for heating homes, rises in January in Alaska. Would you expect the price elasticity of demand for natural gas to more inelastic immediately after the price increase or at some point in the future?