A decrease in aggregate demand will
A) cause the short-run Phillips curve to shift to the right.
B) decrease unemployment.
C) move the economy to a lower point on the short-run Phillips curve.
D) cause inflation.
C
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When price is below the equilibrium level, there is a shortage of the commodity being sold.
Answer the following statement true (T) or false (F)
The law of diminishing marginal utility states that total utility must diminish after the first unit of consumption of every good or service
Indicate whether the statement is true or false
Is increased production of a good beneficial to society?
a. Yes, because scarcity is such an overriding concern. b. Yes, because more is always better. c. Maybe, it depends on what is foregone. d. No, because increased production does not increase utility.
Which of the following does NOT contribute directly to the persistence of structural unemployment?
What will be an ideal response?