A reduction in the amount of farmable land inside a nation would cause the:
A. short-run aggregate supply curve to shift to the right.
B. long-run aggregate supply curve to shift to the left.
C. long-run aggregate supply curve to shift to the right.
D. aggregate demand curve to shift to the right.
Answer: B
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The marginal cost to a student of missing a class meeting in Introductory Economics increases when
A) textbook prices increase. B) tuition rates increase. C) valuable information is communicated in the class meetings. D) any of the above occurs.
Refer to the scenario above. What is the expected value of the game?
A) $20 B) $50 C) $100 D) $300
A situation in which output decreases while prices increase is often referred to as:
A. stagflation. B. inflation. C. negative economic growth. D. a recession.
If nominal GDP is $7,700 billion and M1 is $1,000 billion, then velocity is
a. 10.7. b. 7.7. c. 7.1. d. 7.0.