In surveys of professional economists, fourteen propositions were endorsed by an overwhelming majority of respondents
a. True
b. False
Indicate whether the statement is true or false
True
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The percentage change in the demand for one good divided by the percentage change in the price of a related good is the
A. cross price elasticity of demand. B. price elasticity of supply. C. price elasticity of demand. D. income elasticity.
When the price level rises from 110 to 115, the aggregate level of GDP supplied rises from $80 billion to $120 billion. This ________ relationship represents the ________ relationship between the quantity of real GDP firms are willing to supply and the
price level. A) negative; short-run B) positive; short-run C) negative; long-run D) positive; long-run
Modern economic growth often results in the following, except:
A. Less time for ordinary people to enjoy leisure activities because the primary focus is on production and work B. Vast increases in wealth and living standards for many groups in the economy C. Spread of universal education and elimination of ancient social norms D. Movement towards democracy and the abolishment of feudalism
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C