(01.06 MC) Use the graph to answer the question that follows.The graph for a competitive output market shows demand shifting from D to D′ and supply shifting from S to S′. Which pair of events is consistent with these two changes?

(03.04 MC) Which of the following is true about the long-run aggregate supply curve (LRAS)?

(01.06 MC) If it is assumed that the market for good Z is in equilibrium and Z is an inferior good, what will be the result following an increase in the average income of consumers?

(02.01 MC) Which of the following is true for the gross domestic product?

(02.02 LC) What will be the impact of costs associated with environmental pollution while computing the GDP of a country?

(05.02 MC) The graph below shows a shift in the LRPC in an economy due to increased automation.What are the economy’s new equilibrium inflation rate and unemployment rate?

(03.04 MC) Which of the following is true about the long-run aggregate supply curve (LRAS)?

(06.02 MC) Use the graph to answer the question that follows.This graph shows the competitive foreign exchange market for dollars. If initially the price of a dollar is 0.90 euro, which of the following is true?

(01.01–01.03, 05.06 HC) Assume that Atlantis and the Mushroom Kingdom use equal resources to produce consumer and capital goods, as illustrated in the table below showing maximum possible production figures. Country Capital Goods Consumer Goods Atlantis 60 units 180 units Mushroom Kingdom 20 units 100 units Draw a fully labeled production possibility curve for Atlantis. Place capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity cost. On your graph from part (a), label an inefficient point of production I, an efficient point of production E, and an unattainable point of production U. Which country has the comparative advantage in the production of capital goods? Explain. If Atlantis shifted from producing 10 units of capital goods and 150 units of consumer goods to producing 24 units of capital goods and 108 units of consumer goods, what would be the impact on its economic growth in the long run? Based on the data table, what range of capital goods could be traded for 15 units of consumer goods that would be mutually beneficial?

(03.07 HC) Use the graph to answer the question that follows.Assume that the economy is in a short-run equilibrium as shown on the accompanying graph. Without government intervention, what adjustment over time can be expected?