From 2005 to 2006, the U.S. economy experienced significant inflation because the aggregate demand curve shifted outward more than the aggregate supply curve shifted outward.
Answer the following statement true (T) or false (F)
False
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Little Richie Lemons, a thirteen-year-old former lemonade stand owner, quit the business and now searches for an after-school job. Is he officially unemployed?
A) No, because he was never employed in the first place. B) No, because he is under 16 years old. C) Yes, because he is no longer self-employed. D) Yes, because he is looking for work.
Which of the following is more likely to have perfectly elastic or nearly perfectly elastic demand?
A) a textbook required for an economics course B) the guitar produced by a master craftsman C) milk produced by a Wisconsin dairy farmer D) the services offered by the only allergist in the community
Which of the following could shift the demand for a good to the right?
a. a decrease in income, if the good is a normal good b. an increase in the price of a complementary good c. a decrease in the good's price, if the good is normal d. an increase in the good's price, if the good is inferior e. an expectation of a future price increase
In cartels, the reason that the monopoly output is unstable is due to the factors that are present in a prisoner's dilemma
a. True b. False Indicate whether the statement is true or false