Hypothetical Production Schedule for a Two-Product Economy
Hypothetical Production Schedule for a Two-Product Economy
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An adverse supply shock shifts the production function curve ________ and the labor demand curve ________
A) upward, upward B) upward, downward C) downward, upward D) downward, downward
The task of deciding which consumer gets each of the goods produced in a free-market economy is solved by
a. the price system. b. the industries which produce the goods. c. the central planners. d. citizens with political power.
If aggregate demand increases and aggregate supply decreases, the price level ________.
A. will decrease, but real output may increase, decrease, or remain unchanged B. will increase, but real output may increase, decrease, or remain unchanged C. and real output will both decrease D. and real output will both increase
The spread between the bid price and the offer price is a measure of
A) the underwriters' spread. B) brokers' fees. C) liquidity costs. D) sunk costs.