A leftward shift of a product supply curve might be caused by:
A. some firms leaving an industry.
B. an increase in consumer incomes.
C. an improvement in the relevant technique of production.
D. a decline in the prices of needed inputs.
Answer: A
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The DD schedule shows
A) interest rate and output pairs for which aggregate demand equals aggregate output. B) exchange rate and output pairs for which aggregate demand equals aggregate output. C) exchange rate and output pairs for which aggregate supply equals aggregate output. D) interest rate and output pairs for which aggregate supply equals aggregate output. E) exchange rate and output pairs for which aggregate demand is greater than aggregate output.
The rational expectations hypothesis implies that when macroeconomic policy changes
A) the economy will become highly unstable. B) the way expectations are formed will change. C) people will be slow to catch on to the change. D) people will make systematic mistakes.
In Chapter 10, the variable N can be regarded as total population, workers, work-hours, or "effective" work-hours, all proxies for each other if they are assumed to grow at the same rate
To define (Y/N) as the standard of living, N is particularly regarded as A) total population. B) workers. C) work-hours. D) "effective" work-hours.
The interdependence among oligopoly firms arises because: a. the products those firms produce are homogeneous
b. the products those firms produce are heterogeneous. c. entry barriers are low. d. a small number of firms produce a large share of industry output.