What are the three main conclusions that can be drawn from an analysis of growth rates for developed countries?
What will be an ideal response?
There are three main conclusions. First, standards of living have increased significantly since 1950. Second, growth rates of output per capita decreased starting in the mid 1970s. And third, the levels of output per capita have tended to converge over time.
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If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is
A) a leftward shift in the short-run Phillips curve. B) a movement downward along the short-run Phillips curve. C) a movement upward along the short-run Phillips curve. D) a rightward shift in the short-run Phillips curve. E) neither a movement along nor a shift in the short-run Phillips curve.
Suppose the equilibrium price of movie tickets is $10. If the supply curve for movies shifts ________, the equilibrium price will ________
A) rightward; decrease B) leftward; decrease C) rightward; increase D) leftward; not change E) rightward; not change