Refer to the above data. How many units of the two products will the consumer purchase?
A) 3 of L and none of M
B) 4 of L and 2 of M
C) 3 of L and 5 of M
D) 2 of L and 3 of M
Answer: D) 2 of L and 3 of M
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If the aggregate demand curve shifts ________ faster than the long-run aggregate supply curve, then ________ occurs
A) leftward; economic growth B) leftward; inflation C) rightward; economic growth D) rightward; inflation
In the dynamic aggregated demand and aggregate supply model, inflation occurs if
A) the AD curve shifts more to the right than the LRAS curve. B) the SRAS curve shifts more to the right than the AD curve. C) the AD curve shifts to the left and the SRAS curve shifts to the right. D) the AD curve shifts to the left and the LRAS curve shifts to the right.
Suppose that the price of computer chips increases by 20 percent during the early stages of an economic recovery. Intel, a chip manufacturer, increases its payroll by 1,000 workers. Intel's hiring of new workers is best described as a
a. long-run adjustment to the price change b. complete adjustment to the price change c. market-day adjustment to the price change d. short-run adjustment to the price change e. shift to the left in Intel's supply curve for computer chips
For managers who have already met their goals, high powered sales goals
a. Give an incentive to spread out their sales into the year b. Give an incentive to accelerate costs or delay sales c. Give no incentive to accelerate sales or delay costs d. None of the above