If the price level remains constant but the wage rate increases, then there will be __________ in production and the SRAS curve will shift __________
A) an increase; rightward
B) a decrease; rightward
C) an increase; leftward
D) a decrease; leftward
D
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From 1950 until the late 1980s, the natural rate of unemployment in the United States
A) trended upward. B) fell sharply as government retraining programs helped put the unemployed back to work. C) cycled up and down in tandem with the actual rate of unemployment. D) rose sharply, always exceeding the actual rate of unemployment.
Investment is a smaller component of GDP than consumption, but it is a more stable component
Indicate whether the statement is true or false
You paid $145 for an iPod Nano. The cash you sacrificed is a(n)
A) explicit cost. B) implicit cost. C) deferred cost. D) accrued cost.
Microeconomics
a. addresses scarcity from a global perspective b. examines how individuals, households, and firms make economic decisions c. is purely theoretical and has little value in explaining real-world phenomena d. focuses on what is happening in the economy as a whole e. answers the fundamental economic questions of how, when, where, and why