The short-run aggregate supply curve shows a(n):
a. direct relationship between the expected price level and nominal GDP supplied.
b. inverse relationship between the actual price level and real GDP supplied
c. direct relationship between the actual price level and nominal GDP supplied.
d. direct relationship between the actual price level and real GDP supplied.
e. inverse relationship between the expected price level and real GDP supplied.
d
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Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C. and 1300 A.D.?
A) No sustained economic growth occurred between 1,000,000 B.C. and 1300 A.D. B) Significant economic growth took place between 1,000,000 B.C. and 1300 A.D. C) Standards of living substantially declined from 1,000,000 B.C. to 1300 A.D. D) Standards of living in 1300 A.D. were substantially better than what they were in 1,000,000 B.C.
If, in retaliation for "unfair" trade practices, Congress imposes a 30 percent tariff on Japanese DVD recorders, but at the same time, U.S. demand for Japanese goods increases, then, in the long run, ________, everything else held constant
A) the Japanese yen should appreciate relative to the U.S. dollar B) the Japanese yen should depreciate relative to the U.S. dollar C) there is no effect on the Japanese yen relative to the U.S. dollar D) the Japanese yen could appreciate, depreciate or remain constant relative to the U.S. dollar
The increased willingness of women to enter the workforce has most likely lead to what outcome in the labor market?
a. an increase in labor demand and higher real wages. b. an increase in labor supply and higher real wages. c. an increase in labor supply and high real wages. d. a decrease in labor demand and lower real wages. e. none of the above.
Suppose a person with an income of $20,000 pays a tax of $2,000 . If the tax is progressive, then how large of a tax will a person with an income of $40,000 pay?
a. Exactly $2,000. b. Between $2,000 and $4,000. c. Exactly $4,000. d. More than $4,000.