When the production possibilities curve shifts outward,
A) the price level rises in the long run.
B) the long-run aggregate supply curve is unchanged.
C) the long-run aggregate supply curve shifts to the left.
D) the long-run aggregate supply curve shifts to the right.
D
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Use the following table showing the consumption schedule for a hypothetical economy to answer the next question.All figures are in billions of dollars.RGDPConsumption$600$590610598620606630614640622650630660638If gross investments were fixed at $16, taxes were zero, government purchases of goods and services were zero, and net exports were zero, then equilibrium real GDP would be $630 initially. If government purchases were then raised from $0 to $4, other things constant, then the equilibrium real GDP would become
A. $630. B. $660. C. $640. D. $650.
When the U.S. dollar decreases in value relative to foreign currencies, the ________.
A. demand for U.S. exports will increase B. supply of U.S. exports will remain constant C. supply of U.S. exports will decrease D. demand for U.S. exports will decrease
The real problem for people in many _______________ countries is not that globalization through international trade has made their lives worse, but rather that they have so few good employment alternatives.
a. low-income b. high-income c. large d. small
Figure 10.1 depicts a firm's marginal revenue product curve. If the firm maximizes its profit and the hourly wage is $15, how many hours of labor will the firm demand?
A. smaller than 30 hours B. between 30 hours and 40 hours C. between 40 hours and 50 hours D. greater than 50 hours