The aggregate demand curve
A. is a downward-sloping curve.
B. is horizontal.
C. is an upward-sloping curve.
D. may slope upward or downward.
Answer: A
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Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents. B) improved quality of apartment units. C) fewer apartment units as landlords seek substitute uses of their property. D) an increase in rental price competition among landlords.
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Unemployment will equal
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
The shipbreakers of Alang are
A) a metaphysical representation of the WTO, deriving from Edgar Rice Burroughs' Princess of Mars. B) an early version of the Russian Ice-breaker of the Dnieper-Alang class. C) a capital-intensive industry. D) competing with pollution-producing industries in countries outside of India. E) doing environmentally conscious work.
If the prices of energy products rise sharply, consumers will most likely
a. sharply reduce their consumption of these products in both the short run and the long run. b. reduce their consumption of these products slightly in the short run and more sharply in the long run. c. reduce their consumption of these products sharply in the short run, but in the long run consumption will fall by only a small amount. d. increase their consumption of these products slightly in the short run and more sharply in the long run.