Suppose over the last five years that the price of recycled aluminum increased from $800 a ton to $900 a ton. Over the same time a measure of the overall price level increased from 120 to 138 . The real price of recycled aluminum
a. increased, so it became scarcer
b. increased, so it became less scarce
c. decreased, so it became scarcer
d. decreased, so it became less scarce
d
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Along the classical or vertical range of the aggregate supply curve, an increase in the aggregate demand curve will increase:
a. both the price level and real GDP. b. only real GDP. c. only the price level. d. real GDP and reduce the price level.
Stagflation is a period of time when the economy is experiencing:
a. inflation and low unemployment. b. high unemployment and low levels of inflation at the same time. c. high inflation and high unemployment at the same time. d. low inflation and low unemployment at the same time.
The standardization of software applications that people can easily share is an example of:
A. a network externality that can be positive or negative. B. an innovation that does not carry a network externality. C. a negative network externality. D. a positive network externality.
What is one benefit provided by Social Security?
What will be an ideal response?