Refer to the graph below, which shows an aggregate demand curve. If the price level decreases from 200 to 100, the real output demanded will:
A. Increase by $800 billion
B. Increase by $200 billion
C. Decrease by $600 billion
D. Decrease by $200 billion
B. Increase by $200 billion
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An advance in technology that results in increased productivity results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of both the labor supply and labor demand curves. D) no change to the production function.
Jake has already bought his hockey gear for the season, but when he is in the sports store, he falls in love with a different hockey stick and buys it even though it means he can't go out to dinner later with his friends which he would have preferred
. This example illustrates the ________ aspect of behavioral economics. A) bounded rationality B) bounded self-interest C) empowerment effect D) bounded will-power
Assume two people live in the same neighborhood, the same size house and earn identical incomes. Both are unmarried without children. How might one of them actually be poorer than the other?
What will be an ideal response?
Refer to the table above. Country A has a comparative advantage in
A) beer. B) wine. C) both beer and wine. D) neither beer nor wine.