if prices are sticky in the short run, then

In Panel (a) of Figure 7.8 “Changes in Short-Run Aggregate Supply,” SRAS1 shifts leftward to SRAS2. Changes only when there is a change in output C. Changes only when there is a change in the price level D. Can change when there is a change in either output or the price level, Suppose that an economy’s output does not change from one year to the next, but the price level doubles. A notable feature of these models, though, is that at their core they require a cost only for price changes, but ignore all other potential transaction costs such as changing one’s quantity, password, clothes or mind. Many prices observed throughout the economy do adjust quickly to changes in market conditions so that equilibrium, once lost, is quickly regained. Occurs when current spending is less than current incomes B.

Will not change C. Will increase by 1% D. Will decrease, Suppose that real GDP increases by 5% while the population of a country increases by 7%. A low price generates less profit per sale, but makes up for that low profit generation through sales volume, because a sale is more likely from any buyer who samples a low price. Will increase by 5% B. http://2012books.lardbucket.org/books/macroeconomics-principles-v1.0/s10-02-aggregate-demand-and-aggregate.html. In these cases, wage stickiness may stem from a desire to avoid the same uncertainty and adjustment costs that explicit contracts avert. A restaurant owner buys a freezer to store ingredients for the restaurant meals B. Save and invest C. Export and import D. Employ resources and earn incomes, Investment happens when: A. Dividing each country’s GDP by the size of its population C. Adjusting GDP figures for the fact that prices are much lower in some countries than in others D. Adjusting different GDP figures for inflation over time, At the core of understanding economic growth is the idea that to raise living standards over time, an economy must: A. Demand is an economic principle that describes consumer willingness to pay a price for a good or service. Measures the value of final output produced within a nation in one year, using current prices C. Measures the value of final output produced within a nation in one year, adjusted for changing prices D. Only changes when the level of output changes, Nominal gross domestic product: A. There are two broad courses for the capital markets in the week ahead. Banks B. These points are not widely known (or accepted, by those who are aware of them). Is Chinese Push for Innovation Just a New Economic Bubble? There is a single real wage at which employment reaches its natural level. In this essay, we argue that price stickiness doesn’t necessarily generate an exploitable policy option. B. Firms’ inventories will decrease, causing them to increase production. Is a measure of the overall level of prices B. When sales fall in a company, the company doesn’t resort to cutting wages. In this essay, we want to challenge the idea that these policy implications are necessarily correct (even if prices are sticky).

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