Economic growth in India has averaged about 8.5 percent in recent years and while inflation averaged almost 9 percent. The AS-AD model shows this process as
A) rightward shifts in the short-run aggregate supply curve.
B) rightward shifts in the both the aggregate demand and long-run aggregate supply curves.
C) movements upward along the aggregate demand curve.
D) rightward shifts in the aggregate demand curve and leftward shifts in the short-run aggregate supply curve.
B
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Suppose that there are only three consumers of a product. At a price of $6 per unit, the first consumer would buy 12 units of the product, the second consumer would buy 8 units, and the third consumer would buy 3 units of the product
If you drew a market demand curve for this product, the quantity demanded at a price of $6 would be A) 23 units. B) 20 units. C) 12 units. D) 11 units.
The term human capital refers to
A) labor resources used to make capital equipment. B) buildings and machinery. C) people's knowledge and skill. D) entrepreneurship and risk-taking.
A professor posts his course syllabi and past exams on the Internet. From the economic point of view, the professor's behavior
A) demonstrates the arrogance of the professor. B) better informs prospective students. C) is a costless use of scarce resources, because it avoids paper, ink, and mimeos. D) is irrational.
Which of the following is NOT a correct criticism of the Lorenz curve?
A. It refers to money income after taxes. B. It does not include payments in kind. C. It ignores the impact of age distribution on income distribution. D. It does not deal with differences in family size.