Suppose a 23-year old graduate student is looking for a full-time job , but has to take a part-time job instead. He or she will be categorized in the Current Population Survey as ________ when calculating the unemployment rate

One reason that the aggregate demand curve has a negative slope is that when the domestic price level rises,

A) firms produce more goods and services. B) firms produce fewer goods and services. C) people substitute toward more imported goods and services. D) peoples' wealth increases.

If firms are price setters, a small decline in the demand for their outputs will cause them to

A) reduce price and reduce the level of output produced. B) reduce output in the short run, but reduce price in the long run. C) reduce price in the short run, but reduce output only in the long run. D) increase price in the short run to offset the effect on profits of a decline in output.