When the economy is producing at a quantity greater than its long-run aggregate supply:
A. it is pushing some of its resources to operate beyond capacity.
B. the economy is experiencing greater economic growth.
C. it causes a bubble to form in one of its major sectors.
D. we are experiencing a recession.
A. it is pushing some of its resources to operate beyond capacity.
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Use the figure below to answer the following question.
At equilibrium, consumer surplus is
A. 400. B. 200. C. 150. D. 300.
For which of the following variables should a "two tail" t-test be applied?
A) PA B) I C) PB D) Should be applied for all.
A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages
b. at higher wages. c. in manufacturing industries. d. in service industries.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.