Unexpected events that increase aggregate supply, sometimes only temporarily, are _____ shocks.
Fill in the blank(s) with the appropriate word(s).
beneficial supply shocks.
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We all use the services of speculators as information in reaching our own economic decisions
A) because speculators are aggressive about marketing the information they produce. B) because we all use prices, which are set by bids and offers based on predictions of the future. C) if we buy or sell commodities through an organized exchange. D) if we play the stock market.
For a firm in a perfectly competitive market, average revenue equals
A) average cost. B) the change in total revenue. C) the market price. D) price divided by quantity.
If government taxes a firm which pollutes this will
a. increase the demand for the good produced. b. decrease the supply of the good produced. c. increase the equilibrium quantity of the good produced in the market. d. decrease the equilibrium price of the good produced in the market. e. all of the above.
When the actual rate of unemployment is less than the natural rate of unemployment, the economy
a. operates at an output greater than its long-run potential. b. operates at its maximum sustainable output. c. must also be experiencing stable prices (zero inflation). d. operates at an output less than its long-run potential.