How is economic growth graphically depicted?
A. Aggregate demand shifts to the right.
B. The long-run aggregate supply curve shifts right.
C. The aggregate demand curve shifts to the left.
D. Short-run aggregate supply shifts left.
Answer: B
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According to Figure 6.1, the average annual rate of growth of the U.S. economy in the period 1948-73 equalled ________
A) 1.8 percent B) 4.0 percent C) 39 percent D) 697 percent
Which of the following is a determinant of the price elasticity of demand for an item?
A) the availability of a close substitute for the item B) the percentage of a consumers budget allocated to expenditures on the item C) the amount of time available to adjust to a change in the price of the item D) All of the above are correct.
Which of the following cost curves is not generally U-shaped? a. AFC
b. AVC. c. ATC. d. MC.
As a "lender of last resort," the Fed
A. provides loans to banks experiencing temporary liquidity problems. B. is obligated to bail out any depository institution in the country that is in financial difficulty. C. protects the deposits of $100,000 or less in all commercial banks in the country. D. bails out any corporation the government has decided should not fail.