Economic growth is represented on the aggregate supply model by a
A) shift in the short-run aggregate supply curve to the left.
B) shift in the long-run aggregate supply curve to the left.
C) shift in the long-run aggregate supply curve to the right.
D) shift in the short-run aggregate supply curve to the right.
C
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The demand and supply equations for the peach market are:
Demand: P = 24 - 0.5Q Supply: P = -6 + 2.5Q where P = price per bushel, and Q = quantity (in thousands). a. Calculate the equilibrium price and quantity. b. Suppose the government guaranteed producers a price of $24 per bushel. What would be the effect on quantity supplied? Provide a numerical value. c. By how much would the $24 price change the quantity of peaches demanded? Provide a numerical value. d. Would there be a shortage or surplus of peaches? e. What is the size of this shortage or surplus? Provide a numerical value.
Explain how short-run and long-run equilibrium in monopolistic competition differ. Use graphs to illustrate your answer. Be sure that your graphs are completely and correctly labeled.
What will be an ideal response?
Reserves are
a. the central bank of the U.S. b. deposits that banks hold in excess of the required amount. c. the purchase of bonds by the Federal Open Market Committee. d. deposits that banks have received but have not yet loaned out.
The labor force participation rate is the
A. proportion of the labor force that is unemployed. B. proportion of the labor force that is employed. C. proportion of the noninstitutionalized adult population in the labor force. D. proportion of the noninstitutionalized adult population that is employed.