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1. Labor productivity and economic growth increase if
2. The short-run Phillips curve depicts the ____ relationship between ____ and ____.
3. A negative, or contractionary, supply shock will
4. When a nation is operating at the natural rate of unemployment,
5. Which of the following likely results in a permanent increase in a nation's productive capacity?
6. Lower interest rates in the United States cause the value of the dollar and exports to change in which of the following ways?
VALUE OF THE DOLLAR U.S. EXPORTS
Suppose that the production possibility frontier (PPF) of this nation moves from PPF1 to PPF2. Which of the following could be the cause of this movement?
Now that the economy is operating on PPF2, what has happened to the opportunity cost of producing these goods?
9. The price of gasoline has recently increased, while at the same time gasoline consumption has also increased. What is happening in the gasoline market?
10. If Nation A can produce a good at lower opportunity cost than Nation B can produce the same good, it is said that
11. Which of the following is a consequence of removal of a protective tariff on imported steel?
12. In the last 20 years, firms that produce cameras have begun to produce fewer 35-mm cameras and more digital cameras. This trend is an example of