One example of one-shot inflation occurs when the SRAS curve shifts leftward.
a. True
b. False
The PPF between goods X and Y will be a downward-sloping
a. straight line if increasing opportunity costs exist.
b. straight line if decreasing opportunity costs exist.
c. curve that is bowed outward if increasing opportunity costs exist.
d. curve that is bowed outward if constant opportunity costs exist.
The price of holding money balances is equal to the
a. price of bonds that could have been purchased with those money balances.
b. price of goods and services that could have been purchased with those money
balances.
c. the interest rate that could have been earned had those money balances been invested
in an interest-bearing alternative (e.g., a bond).
d. any of the above
If the minimum wage is set above the equilibrium wage, then
a. more people will work than at the equilibrium wage.
b. the same number of people will work as at the equilibrium wage.
c. fewer people will want to work than at the equilibrium wage.
d. there will be fewer labor hours purchased by employers than at the equilibrium wage.
e. none of the above
Per-capita real economic growth refers to an increase from one period to the next in
a. per-capita GDP.
b. GDP.
c. Real GDP.
d. per-capita Real GDP.
e. none of the above
The concept that relates how much one variable changes as another variable changes is
a. slope.
b. line.
c. curve.
d. graph.
Exhibit 3-5
In the market shown, a rightward shift in supply from S1 to S2 could have been caused
by
a. a decline in the number of buyers in the market.
b. a decline in the price of a substitute good.
c. a decrease in income (assuming the good is a normal good).
d. the granting of a subsidy to the producer.
e. none of the above
Exhibit 2-1
A movement from point B to point D
a. could only happen through economic growth.
b. is necessarily a movement from a productive efficient point to a productive
inefficient point.
c. isa movement from a productive efficient point to another productive efficient
point.
d. is necessarily a movement from a productive inefficient point to another
productive inefficient point.
Exhibit 6-2
The employment rate in year 2 is
a. 12 1/2 percent.
b. 75 percent.
c. 87 1/2 percent.
d. 30 percent.
e. 50 percent.
Exhibit 3-2
Good X
Suppose equilibrium is at point A. Something then changes and equilibrium becomes
point C. Which of the following is consistent with the change in equilibrium from point
A to C (assuming that good X is a normal good)?
a. There was an increase in income and production technology advanced.
b. There was a decrease in income and production technology advanced.
c. There was an increase in the price of a substitute and an increase in wages.
d. There was a decrease in the price of a complement and an increase in wages.