If there is an unanticipated decrease in aggregate demand, which of the following is most likely to occur?
a. an increase in the price level
b. a reduction in employment
c. an increase in the growth rate of real GDP
d. an increase in consumption
B
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An increase in technology will always produce economic growth in society
A. True B. False
An increase in the price of blue pens will increase both the equilibrium price and quantity in the market for black pens
a. True b. False Indicate whether the statement is true or false
Which of the following explains how consumers in Lumberland might be affected when its producers begin exporting wood and wood products to other countries?
a. Prices for wood and related wood products begin to fall. b. Wood products such as pulp and paper are no longer available. c. Consumers suffer as all prices in the economy begin to rise. d. Prices for wood building materials and furniture begin rising.
A p-value refers to the probability of obtaining the result that you find in the sample data if the null hypothesis is not true.
Answer the following statement true (T) or false (F)