An appreciation of the U.S. dollar would shift the:
A) aggregate demand curve rightward.
B) aggregate demand curve leftward.
C) aggregate supply curve rightward.
D) aggregate supply curve leftward.
B
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Refer to Figure 13-2. Ceteris paribus, an increase in the capital stock would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
The percentage change in the demand for one good divided by the percentage change in the price of a related good is the
A) price elasticity of demand. B) price elasticity of supply. C) cross price elasticity of demand. D) income elasticity.
Each of the following is a provision of the 1996 welfare reform law except that
A. the federal guarantee of cash assistance for poor children is ended. B. the head of every welfare family would have to work within 2 years or the family would lose benefits. C. after receiving welfare for two months adults must find jobs or perform community service. D. women who have more children while on welfare will have their benefits reduced.
A GDP deflator of 112 means:
A. the overall output increased by 12 percent since the base year. B. the production of each good in the economy has increased by 12 percent. C. every price in the economy has gone up by 12 percent. D. the overall price level is 12 percent higher than in the base year.