According to aggregate demand and supply analysis, the negative supply shocks of 1973-1975 and 1978-1980 had the effect of
A) increasing aggregate output, lowering unemployment, and raising the inflation.
B) decreasing aggregate output, raising unemployment, and raising the inflation.
C) increasing aggregate output, raising unemployment, and raising the inflation.
D) decreasing aggregate output, raising unemployment, and lowering the inflation.
B
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The indifference curves in the figure above (I1, I2, and I3 ) reflect Peter's consumption preferences. Peter prefers consuming ________ to consuming ________
A) 48 slices of pizza and 12 chocolate bars; 24 slices of pizza and 24 chocolate bars B) 40 slices of pizza and 20 chocolate bars; 48 slices of pizza and 12 chocolate bars C) 24 slices of pizza and 24 chocolate bars; 40 slices of pizza and 20 chocolate bars D) 32 slices of pizza and 8 chocolate bars; 16 slices of pizza and 16 chocolate bars
Refer to Figure 5-3. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $40 B) $55 C) $65 D) > $65