Economic growth can be depicted as a
A) shift in the contract curve.
B) a change in the dimensions of the Edgeworth box.
C) a change in the preference curves of individuals.
D) a change in the number of people in the Edgeworth box.
B
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Along the short-run supply curve (SRAS), a decrease in the aggregate demand curve will decrease: a. both the price level and real GDP
b. real GDP without raising the price level. c. the price level without affecting real GDP. d. the price level but reduce real GDP.
Janie decides to give up her $200,000 a year job as the producer of the most popular television news show in Seattle in order to cultivate and sell orchids, which she anticipates will yield her an annual income of $30,000 . To an economist,
a. she may be mother earth, but she's not making a rational economic decision b. it is impossible to comment on her decision because we can't engage in interpersonal comparisons of utility c. her total utility will fall d. there is no doubt that the utility she gains from working with orchids must be greater than the utility she gains working as a television producer e. it is clear that working has a negative utility for her
The demand for a good becomes more inelastic
a. as more close substitutes for it become available. b. as it is increasingly viewed as a luxury good. c. as the market is defined more broadly. d. the longer the time horizon.
Jacqueline, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. What type of unemployment is she experiencing?
What will be an ideal response?