Answer the following statement(s) true (T) or false (F)
1. The long-run equilibrium level is where the economy will settle when undisturbed.
2. Changes in the stock of capital will alter the amount of goods and services the economy can produce.
3. In recent history, computers and specialized software shifted the short-run aggregate supply curve leftward.
4. Japan’s aging workforce has shifted that nation’s long-run aggregate supply curve rightward.
5. The short-run equilibrium level of real output and the price level are given by the intersection of the aggregate demand curve and the short-run aggregate supply curve.
1. True
2. True
3. False
4. False
5. True
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The number of CDs purchased increased by 50 percent when consumer income increased by 10 percent. Assuming other factors are held constant, CDs would be classified as:
a. social goods. b. normal goods. c. Giffen goods. d. inferior goods.
An aggregate demand curve can be drawn by: a. shifting the 45-degree line
b. letting changes in autonomous spending shift the aggregate expenditure line. c. letting changes in the price level shift the aggregate expenditure line. d. letting changes in the level of income shift the aggregate expenditure line. e. letting changes in real GDP shift the aggregate expenditure line.
The term "price setter," which describes monopolists, means that a monopolist does not simply take the market price as given but sets its own price within the confines of consumers' willingness to pay
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Proposals have been submitted to phase down HFCs, a CFC substitute, because they are greenhouse gases contributing to climate change. 2. The “greenhouse effect” is a natural phenomenon. 3. Climate change and global warming are exactly the same phenomenon. 4. Oceans and forests act as natural carbon sinks, which can absorb the anthropogenic releases of CO2. 5. Scientific evidence supports the assertion that human activity is adding to the accumulation of greenhouse gases and therefore contributing to global warming.