The idea that nominal wages are slow to adjust to changes economic conditions can
explain the __________ slope of the short-run aggregate-supply curve
Give this one a try later!
upward
Assume that Aruba and Iceland can switch between producing coolers and
producing radios at a constant rate.
Labor hours needed to make 1:
Cooler in Aruba: 2, Radio in Aruba: 5
Cooler in Iceland: 1, Radio in Iceland: 4
What should Iceland export and what should they import?
What should Aruba export and what should they import?
Give this one a try later!
, Iceland: export radios, import coolers
Aruba: export coolers, import radios
BMWs are a normal good. Suppose you are informed that "there will be a recession
this year" and as a result consumer incomes will decrease. Ceteris paribus, it follows
that the demand for BMWs will ________; their price will _________; and the quantity
exchanged will _________
Give this one a try later!
decrease, decrease, decrease
A very snowy winter in Boston will cause the demand curve for snow blowers to shift
to the ___________-
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right
What is the best example of the medium of exchange function of money?
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You give a maid money to clean your house
Which type of money has no intrinsic value?
explain the __________ slope of the short-run aggregate-supply curve
Give this one a try later!
upward
Assume that Aruba and Iceland can switch between producing coolers and
producing radios at a constant rate.
Labor hours needed to make 1:
Cooler in Aruba: 2, Radio in Aruba: 5
Cooler in Iceland: 1, Radio in Iceland: 4
What should Iceland export and what should they import?
What should Aruba export and what should they import?
Give this one a try later!
, Iceland: export radios, import coolers
Aruba: export coolers, import radios
BMWs are a normal good. Suppose you are informed that "there will be a recession
this year" and as a result consumer incomes will decrease. Ceteris paribus, it follows
that the demand for BMWs will ________; their price will _________; and the quantity
exchanged will _________
Give this one a try later!
decrease, decrease, decrease
A very snowy winter in Boston will cause the demand curve for snow blowers to shift
to the ___________-
Give this one a try later!
right
What is the best example of the medium of exchange function of money?
Give this one a try later!
You give a maid money to clean your house
Which type of money has no intrinsic value?
