If price were $170, there would be a _____ (shortage or surplus) of _____.
shortage; 65
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The positive relationship between short-run aggregate supply and the price level indicates that, in the short run
A) firms produce more output as the price level falls. B) firms produce more output as the price level rises. C) the money wage rate increases when moving along the short-run aggregate supply curve. D) lower price levels are more profitable for firms.
Which of the following statements concerning the effects of demographics on consumption is not true?
a. The size of the population affects the slope of the consumption function. b. The age of the population affects the slope of the consumption function. c. Other things equal, the level of consumption will rise with increases in population. d. Younger households tend to have higher MPCs than older households. e. Older households tend to have higher MPSs than younger households.
The theory of creative destruction implies that too much competition leads to monopolies
Indicate whether the statement is true or false
The steam engine was first invented by
a. Heron of Alexandria b. James Wyatt c. Robert Fulton d. Denis Papin