Which would most likely increase aggregate supply?
A. An increase in the prices of imported products.
B. A decrease in net exports.
C. An increase in productivity.
D. A decrease in business subsidies.
Answer: C
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Even though airfares have been increasing, the revenue earned by airlines has declined. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
What will be an ideal response?
The aggregate demand curve has
A. a positive relationship between the price level and real GDP. B. a negative relationship between the price level and real GDP. C. no relationship between the price level and real GDP. D. a positive relationship between the price level and nominal GDP.
The goal of the perfectly competitive firm is to
A) maximize total revenue. B) maximize total profits. C) minimize AFC. D) minimize ATC.
Even if the population declines, scarcity will still exist
Indicate whether the statement is true or false