Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2012?
A) $57,500 B) $75,000 C) $45,000 D) $55,000
D
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Provide some examples of industries near your school that operate in monopolistic competition (excluding those given on the text page in the figure)
What will be an ideal response?
Technological advances lead to ________
A) a shift of the short run AS curve up B) a shift of the long run AS curve to the left C) an upward movement along the long run AS curve D) all of the above E) none of the above
What would you expect the cross price elasticity of iPods and online music downloads? Explain your answer
What will be an ideal response?
What short-run choice does the Phillips curve illustrate?
a. The choice between higher real wages and higher output b. The choice between cyclical unemployment and frictional unemployment c. The choice between a higher capital stock and inflation d. The choice between higher output per capita and maintaining the natural rate of unemployment e. The choice between unemployment and inflation