An increase in the long-run aggregate supply curve indicates that
a. the natural rate of unemployment has increased.
b. unemployment has increased.
c. the general level of prices has increased.
d. potential real GDP has increased.
D
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It is true that inflation is a
A) continuous increase in the money supply. B) continuous fall in prices. C) decline in interest rates. D) continually rising price level.
Assuming that the two key restrictions on preferences fundamental to the median voter model hold, list the condition that must be satisfied for the outcome preferred by median voter to be considered economically efficient
List one real world example that comes close to this condition.
A perfectly competitive firm is hiring variable resources M and N. It will minimize total costs
A) MRPm/MFCm = MRPn/MFCn. B) MRPm ? MFCm = MRPn ? MFCn. C) Pm/MPPm = Pn/MPPn. D) MPPm/Pm = MPPn/Pn.
If the demand for flashlights is highly inelastic, this indicates that
a. higher flashlight prices will increase the demand for flashlights. b. the price elasticity of demand for flashlights is greater than 1. c. the price elasticity of demand for flashlights equals 1. d. the quantity of flashlights purchased by consumers is not very responsive to a change in the price of flashlights.