ECO202

Front

Because the prices of final goods and services tend to increase more quickly than the prices of inputs, the short run aggregate supply curve is:

Back

upward sloping.

Front

The slope of the short-run aggregate supply curve shows that:

Back

as overall price levels increase, firms are willing to produce more.

Front

How can we use the information from the table shown to compare the real value of the 1979 salary to that of the one earned in 2009?

Back

You need to put both salaries into real dollars in the same year for comparison.

Front

How do we interpret the 1989 salary in 2009 dollars as $147,951?

Back

All of these are correct interpretations.

Front

The aggregate supply and aggregate demand model describes the interaction of which macroeconomic variables?

Back

Output and the price level

Front

Which of the following is a component of aggregate demand?

Back

Net exports

Front

What does it mean when economists say wages are "sticky"?

Back

They are slow to adjust to changes in the economy, and can cause unemployment.

Front

Bob just graduated from college and has just landed his first job with a local accounting firm that will start in three months. Bob plans to use that time to find a place to live, and adjust to the new area. Bob would be considered:

Back

Bob is not in the labor force.

Front

Real-wage unemployment can be caused by which of the following?

Back

Minimum wage laws

Front

The aggregate supply and aggregate demand model describes the interaction of which macroeconomic variables?

Back

Output and the price level