The real opportunity cost of producing product X is the amounts of products Y, Z, and so forth, that might have been produced if resources had not been used to produce X.
Answer the following statement true (T) or false (F)
True
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In the United States, which is the largest dollar figure?
A) disposable personal income B) gross domestic product C) per-capita GDP D) personal income
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
If wages and prices become extremely flexible ________
A) there is no trade off between inflation and unemployment B) unemployment can hardly deviate from the natural rate C) it becomes very difficult to differentiate the short-run from the long-run Phillips curve D) all of the above E) none of the above
Calculate the elasticity of demand when an increase in supply causes the equilibrium price and quantity to change from $9 and 2,000 to $7 and 3,000, respectively