The most important reason for why some people have higher income than others is ______.
Fill in the blank(s) with the appropriate word(s).
differences in wages and salaries
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If the quantity of money increases, the
A) price level rises and the AD curve does not shift. B) AD curve shifts leftward and aggregate demand decreases. C) AD curve does not shift and there is a movement upward along the curve. D) AD curve shifts rightward and aggregate demand increases.
Why are consumers in a competitive market considered to be price takers?
What will be an ideal response?
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true concerning production possibilities curves in both countries?
a. The slopes of the countries' production possibilities frontiers cannot be determined unless the number of workers in each country is known. b. The countries' production possibilities frontiers have the usual bowed-out shape. c. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to 1/100. d. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is steeper than Denmark's. e. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to negative 1/100.
Answer the following questions true (T) or false (F)
1. Examining the conditions that could lead to inflation in an economy is an example of a microeconomic topic. 2. Suppose that to move more people off the wait list for organ donations, surgeons and hospitals are developing a market for organ swapping. This is an example of a macroeconomic topic. 3. Examining the conditions that could lead to economic growth is an example of a macroeconomic topic.