Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________
A) 105; $10 trillion
B) 110; $10 trillion
C) 110; $11 trillion
D) 115; $10 trillion
C
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An increase in the demand for computers and a decrease in the number of sellers of computers will definitely ________
A) increase the number of computers bought B) increase the price of a computer C) increase the price of a computer and the number of computers bought D) not change the price of a computer and increase the number of computers bought
A demand curve to remain unit elastic along its entire length should
A. cross the X axis. B. touch the X axis but not the Y axis. C. never touch either the X or the Y axis. D. touch the Y axis but not the X axis.
An example of screening during the hiring process is:
A. just asking for the information. B. an interview. C. checking references. D. All of these are ways to screen candidates.
Given the scenario described, if the market price of hammers increased from $8 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. total producer surplus would increase by $3. B. total producer surplus would increase by $6. C. total producer surplus would increase by $9. D. total producer surplus would increase by $4.