In the short run, if the Fed undertakes expansionary monetary policy, the effect will be to shift the:
A. AD curve in to the left.
B. SAS curve down.
C. SAS curve up.
D. AD curve out to the right.
Answer: D
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More generous unemployment benefits ________ the opportunity cost of looking for a new job and therefore ________ the job search process
A) lower; extend B) lower; does not change C) lower; shorten D) raise; extend E) raise; shorten
Many younger people eat peanut butter AND jelly, whereas many older people eat peanut butter OR jelly. This suggests that the cross elasticity of demand between peanut butter and jelly is
A) negative for youngsters and positive for oldsters. B) positive for youngsters and negative for oldsters. C) negative for youngsters and zero for oldsters. D) positive for youngsters and zero for oldsters.
Suppose there are 8 firms in an industry, and each has a different market share. If the largest firm has twice the market share of the second largest, which has twice the market share of the third largest (and so on to the eighth firm), what is the approximate four-firm concentration ratio?
a. 65 percent b. 84 percent c. 94 percent d. 60 percent e. 50 percent
The first economist to point out the importance of specialization of labor was
a. Leonardo da Vinci. b. Adam Smith. c. David Ricardo. d. John Maynard Keynes. e. Enrico Caruso.