By looking at the graphs showing the impact of a positive supply shock on aggregate demand and aggregate supply and on the Phillips curve, we can see that a positive supply shock would shift ______.
a. the short-range aggregate supply curve left and the short-run Phillips curve right
b. the short-range aggregate supply curve right and the short-run Phillips curve left
c. both the short-range aggregate supply curve and the short-run Phillips curve right
d. both the short-range aggregate supply curve and the short-run Phillips curve left
b. the short-range aggregate supply curve right and the short-run Phillips curve left
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This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was the highest c. there were not many other bidders you had to beat out d. you shaded your bid too much
If this is a closed economy, the price of a TV will be ________.
A. $75 B. $175 C. $275 D. $125
If the marginal benefit from water pollution abatement increases, then it is efficient to:
A. reduce water pollution to zero. B. allow more water pollution. C. let the market determine water pollution. D. reduce water pollution further, but maybe not to zero.
Ceteris paribus, a decrease in tariffs in both the factor market and the product market will cause
A. A decrease in the price level and an increase in unemployment. B. An increase in the price level and a decrease in unemployment. C. A decrease in the price level and a decrease in unemployment. D. An increase in the price level and an increase in unemployment.