Wage rates fall. This increases __________ and the __________ curve shifts rightward
A) aggregate demand (AD); AD
B) short-run aggregate supply (SRAS); AD
C) short-run aggregate supply (SRAS); SRAS
D) employment; AD
E) none of the above
C
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If real GDP is less than potential GDP, then the ________ and the price level ________
A) aggregate demand curve shifts leftward; rises B) aggregate demand curve shifts rightward; falls C) aggregate supply curve shifts leftward; rises D) aggregate supply curve shifts rightward; falls E) amount of potential GDP increases; falls
When the Social Security Act was passed by Congress it was initially intended only to provide full-retirement income for citizens
Indicate whether the statement is true or false
Moral hazard and adverse selection are similar asymmetric information problems but moral hazard involves hidden actions while adverse selection involves hidden characteristics
a. True b. False Indicate whether the statement is true or false
Refer to Table 3.2, which shows some costs and benefits of having your car repaired. What is the marginal cost of the 5th hour spent on repairs?
A. $360
B. $435
C. $510
D. $780