Adam Smith created the theory of comparative advantage
Indicate whether the statement is true or false
FALSE
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The Phillips Curve will shift when
A) the overall employment rate remains unchanged. B) the expected inflation rate changes. C) the price level falls. D) none of the above.
Which of these is a likely impact of a decrease in the price level in an economy on the aggregate supply in the economy?
a. An increase in the quantity of real GDP supplied b. A decrease in the quantity of real GDP supplied c. A leftward shift of the aggregate supply curve d. A rightward shift of the aggregate supply curve e. An increase in the slope of the aggregate supply curve
The pursuit of profit will encourage firms to
a. produce efficiently and keep their costs low. b. produce goods and services that consumers value highly relative to costs. c. discover and develop better products and lower-cost production methods. d. All of the above are correct.
When compared to the price of laptop computers, college tuition in the United States has
A. fallen. B. risen. C. stayed the same. D. risen at the same rate as the CPI.