In 2013 the United Nations concluded that global warming
A. Was not scientifically proven.
B. Was not occurring.
C. Was the result of human activity with a 95 percent certainty.
D. Was not caused by human activity.
Answer: C
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Relative to a no-trade situation, if the United States exported chairs, the domestic price of chairs
a. would rise, and domestic output would also rise. b. would decline, but the domestic output would rise. c. would decline, and domestic output would decline also. d. would rise, but domestic output would fall.
If the money wage rate and the price level both rise by the same proportion, then in the figure above the potential GDP line ________, and the aggregate supply curve ________
A) shifts rightward; does not shift B) does not shift; shifts rightward C) shifts rightward; shifts rightward D) shifts rightward; shifts leftward E) does not shift; shifts leftward
The Internet has made it possible to compare lots of prices without incurring a lot of cost. If Internet access is unequally distributed throughout the population, one would expect
A) consumers with Internet access to pay a higher price. B) consumers without Internet access to pay a lower price. C) price discrimination against consumers without Internet access. D) firms to charge the same price to all consumers.
In the short run, the price level
a. will decrease if unit costs and markups both increase throughout the economy b. will remain stable if unit costs increase throughout the economy c. is unimportant in macroeconomics d. will increase if unit costs increase throughout the economy e. is determined by the Fed