Increases in the prices of imported energy in 2002-2008 caused the aggregate supply curve to shift inward
a. True
b. False
Indicate whether the statement is true or false
True
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The main cause of low per capita income is ________
A) a low level of capital B) a small workforce C) low productivity of capital and labor D) slow growth of capital and labor shares of income E) none of the above
The above figure shows the demand and cost curves facing a monopoly. At the profit-maximizing price, the elasticity of demand equals
A) -1. B) zero. C) infinity. D) -3.
Jacob is torn between two jobs, grounds keeper and street repair. He is indifferent between the two jobs even though the street repair job pays $25 more per hour. This must mean that
a. grounds keeper is a less attractive job b. grounds keeper enjoys a compensating wage differential of $25 c. the demand for street repairmen is greater d. street repair enjoys a compensating wage differential of $25 e. the demand for grounds keepers is greater
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. If Country A transfers one labor hour from the production of Good Y to the production of Good X, total world production of Good X will ________ by ________ unit(s). ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. decrease; 0.7 B. increase; 0.5 C. increase; one D. decrease; 1.43