A crisis in the Middle East drastically raises the price of petroleum. If the aggregate demand curve does not shift, then aggregate supply will ________, real GDP will ________, and the price level will ________
A) increase; remain the same; increase
B) decrease; decrease; increase
C) increase; increase; increase
D) remain the same; increase; increase
E) decrease; remain the same; decrease
B
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The statement, "Violent crime has decreased in the last five years," is:
a. obviously wrong and, therefore, cannot be a positive statement. b. normative since it can be answered by simply looking at the facts. c. positive because it is testable. d. not very interesting because all normative issues are of little importance.
The _____ account reflects the movement of goods and services into and out of the country. The _____ account reflects the flow of financial assets into and out of the country
a. universal transfer; financial b. universal transfer; current c. current; financial d. capital; current e. capital; financial
Which of the following best describes compensating wage differentials?
A. Some jobs are more difficult than others, and the pay for them reflects this. B. Some jobs require more training than others, and the pay for them reflects this. C. Some jobs require more experience than others, and the pay for them reflects this. D. Some jobs require unique abilities, and the pay for them reflects this.
On the basis of the data we can say that:
Answer the question on the basis of the following information for four highway programs of increasing scope. All figures are in millions of dollars.
A. Program D is the most efficient on economic grounds.
B. Program C is the most efficient on economic grounds.
C. Program B is the most efficient on economic grounds.
D. Program A is the most efficient on economic grounds.