If the demand curve is given by Q = a + bp, then b is
A) positive.
B) the quantity demanded when price is zero.
C) the change in quantity demanded if price changes by 1.
D) different at different points on the demand curve.
C
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The long-run and short-run Phillips curves intersect where
a. the quantity of goods and services demanded equals the quantity supplied. b. the quantity of labor demanded equals the quantity of labor supplied. c. expected inflation is less than actual inflation. d. expected inflation is greater than actual inflation. e. expected inflation equals actual inflation.
A decrease in Social Security payments will
A) decrease export spending. B) decrease investment spending. C) decrease government spending. D) decrease consumption spending.
An increase in the money supply
a. and an investment tax credit both cause aggregate demand to shift right. b. and an investment tax credit both cause aggregate demand to shift left. c. causes aggregate demand to shift right, while an investment tax credit causes aggregate demand to shift left. d. causes aggregate demand to shift left, while an investment tax credit causes aggregate demand to shift right.
A candidate for political office announces the following policies which, she says, economics clearly demonstrates will lead to higher output in the long run: 1 . increase immigration from abroad 2 . make trade more open between the US and other countries
a. 1 and 2 both shift long-run aggregate supply right. b. 1 and 2 both shift long-run aggregate supply left. c. 1 shifts long-run aggregate supply right, 2 shifts long-run aggregate supply left. d. 1 shifts long-run aggregate supply left, 2 shifts long-run aggregate supply right.