If the current price level was such that the aggregate quantity demanded exceeded the aggregate quantity supplied, we would expect:
A. inflation to occur.
B. the aggregate demand curve to shift rightward.
C. the aggregate demand curve to shift leftward.
D. the aggregate supply curve to shift leftward.
Ans: A. inflation to occur.
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In the following table, Ireland's opportunity cost of producing one unit of wheat is
Potatoes and Wheat Output (tons per hour)
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
“Satisficing” rather than “maximizing” primarily emerges under conditions where
A. information is costly. B. management lacks ambition. C. profit maximization is rejected on moral grounds. D. risk is minimal.
Bad process
What will be an ideal response?
Society can increase its output and income by increasing basically one or both of two factors:
A. Its spending and investment B. Its private and public sectors of the economy C. Its resources and the productivity of the resources D. Its markets and prices