Oil price increases encourage oil conservation
Indicate whether the statement is true or false
TRUE
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The intersection of the aggregate demand and the aggregate supply curve defines the equilibrium level of _____ and the price level
a. real interest rate b. nominal interest rate c. nominal GDP d. real GDP e. unemployment
In the short run, an unanticipated shift to a more expansionary monetary policy is most likely to result in
a. an increase in short-term interest rates. b. a reduction in aggregate demand. c. a reduction in the inflation rate. d. an increase in employment.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. When trade opens up, the United States should produce:
A. apples, since they have a comparative advantage in the production of apples, and not trade. B. only apples, since they have a comparative advantage in the production of apples, and trade for shoes. C. only shoes, since they have a comparative advantage in the production of shoes, and not trade. D. both goods, since they have an absolute advantage in both goods, and not trade.
If Thelma's willingness to sell her homemade fudge is $4, then at which of the following prices would Thelma sell her fudge?
A. $4.01 B. $3.99 C. $2 D. Thelma would not sell her fudge at any of these prices.