GDP measured in base year prices is real GDP.
Answer the following statement true (T) or false (F)
True
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A consumer is in equilibrium when the slope of his or her indifference curve is equal to his or her budget constraint
a. True b. False Indicate whether the statement is true or false
Which of the following would not cause any kind of an outward shift of a nation's production possibilities curve [PPC]?
a. An improvement in the general level of education b. Technological innovation c. Discovery of a new source of energy d. An increase in the size of the labor force e. A flood that renders thousands of acres of farmland unusable
Either supply shocks or adjusting inflation expectations can shift the short run Phillips curve
a. True b. False Indicate whether the statement is true or false
A decrease in supply will cause the largest increase in price when
a. both supply and demand are inelastic. b. both supply and demand are elastic. c. demand is elastic and supply is inelastic. d. demand is inelastic and supply is elastic.