What happens to the aggregate expenditure curve as the price level decreases?
a. It shifts up.
b. It shifts down.
c. It remains unchanged.
d. It becomes steeper.
a. It shifts up.
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Describe the criteria for membership in the European Union. Given the criteria, what are some of the major challenges with expanding the EU eastward? What are the potential problems of Turkey joining the EU?
What will be an ideal response?
The cumulative power of productivity growth: a. emphasizes the importance of short-term growth. b. emphasizes the importance of long-term growth. c. emphasizes the importance of capital–labor ratio. d. increases poverty in an economy
e. leads to capital deepening
Exhibit 7-18 A typical firm in a perfectly competitive market
?
As shown in Exhibit 7-18, the perfectly competitive firm is in long-run equilibrium at a price of:
A. $100. B. $200. C. $300. D. $400.
When the price of hamburger went from $3 to $4 a pound, the quantity demanded of buns changed from 30 to 25 packages a day. The cross-price elasticity of demand for buns (using the initial value formula) is:
A. 1.4. B. 0.5. C. -0.5. D. -1.4.