Refer to Figure 13-2. Ceteris paribus, an increase in workers and firms adjusting to having previously overestimated the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
A
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How is a politician similar to an entrepreneur?
A) Each advances a project solely in the public interest. B) Each advances a project only if the expected marginal benefits equal the expected marginal costs. C) Each advances a project only if the expected marginal benefits exceed the expected marginal costs. D) Each advances a project only if they impose no negative externalities.
The economy is considered to be at its potential output when the only unemployment is structural or frictional.
Answer the following statement true (T) or false (F)
The city of Burlington is a very popular town for tourists to visit in the summer. We would expect the:
A. prices of all normal goods to decrease each summer. B. demand for normal goods to decrease each summer. C. demand for normal goods to increase each summer. D. demand curve for normal goods to shift to the left.
An increase in income in other countries, other things equal, would cause U.S. _____
Fill in the blank(s) with the appropriate word(s).