The long-run aggregate supply curve will shift outward to the right when
A. government spending increases.
B. there is economic growth.
C. the amount of labor decreases.
D. the price level decreases.
Answer: B
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When tickets are "scalped," then in this market transaction:
A. The buyer benefits, but the seller does not B. The seller benefits, but the buyer does not C. Both the buyer and seller benefit D. Neither the buyer nor seller benefit because it is illegal
Which of the following functions of money would be violated if inflation were high?
a. unit of account b. store of value c. certificate of gold d. medium of exchange
If Ann's utility function is U = W0.5, and she invests in a business which can yield $6,400 with probability 1/5, and $3600 with probability 4/5, then her expected utility is
A) 80. B) 76. C) 64. D) 60.
Informal game theory:
A. shows how the Nash equilibrium is reached. B. relies on deductive logic. C. assumes people calculate their optimal strategy. D. considers how people actually think and behave.