A rapid increase in the price of oil will tend to
A) shift long-run aggregate supply to the left. B) shift aggregate demand to the right.
C) shift long-run aggregate supply to the right. D) shift short-run aggregate supply to the left.
D
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The relationship between urbanization and GDP per capita, it is likely to be represented by a(n):
A) downward-sloping curve. B) inverted U-shaped curve. C) U-shaped curve. D) upward-sloping curve.
When society produces the combination of goods and services on the PPF that it values the most highly, society has
A) achieved only production efficiency and definitely not allocative efficiency. B) achieved only allocative efficiency definitely not production efficiency. C) achieved both production efficiency and allocative efficiency. D) achieved a free lunch. E) perhaps achieved production efficiency and has perhaps achieved allocative efficiency.