The short-run aggregate supply curve:
A. ?Is a schedule showing the relationship between the price level and the quantity of real GDP supplied.
B. ?Is typically upward sloping.
C. reflects output prices changing relative to input prices.
D. ?all of the above
Ans: D. ?all of the above
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Which of the following would be studied by macroeconomists?
A. Inflation in developing countries. B. The effect of government subsidies on sugar prices. C. The impact of the minimum wage on families below the poverty level. D. The effect of rent controls on housing prices in New York City.
If a person's compensated demand (or MWTP) curve is perfectly vertical, the good is borderline between regular inferior and Giffen for this consumer.
Answer the following statement true (T) or false (F)
Until recently, per-capita income increased in East Asian countries such as Hong Kong, Singapore, South Korea, and Taiwan by ________-fold every generation
A) 2 B) 3 C) 4 D) 5 E) 1
Because the process can increase average wages, collective bargaining increases the well-being of all workers.
a. true b. false