Along the horizontal segment of the aggregate supply curve, when real GDP
a. increases, the price level rises
b. decreases, the price level falls
c. increases, the price level does not change
d. increases, the price level falls
e. decreases, the price level rises
C
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A service station owner in Staten Island, New York, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price
If raising the price of gasoline would cause the owner to receive less total revenue from the sale of gasoline, the demand for gasoline is A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic.
Suppose the U.S. dollar price of the Japanese yen decreases. Given this information, which of the following is correct?
A) The dollar has appreciated. B) The dollar has depreciated. C) The yen has appreciated. D) The yen price of the dollar decreased.
The cost efficiency of labor is equal to the
A. MRP of labor divided by the unit price of labor. B. MPP of labor divided by the wage rate. C. MPP of labor times the wage rate. D. Marginal cost of output.
A quick strategy used by developing countries to acquire new technology is through
A. imitation. B. innovation. C. tariffs. D. acquisition.