Refer to Figure 18.2. Which of the following is not consistent with a shift from AS2 to AS1?
A. A major natural disaster such as an earthquake.
B. A decrease in business taxes.
C. Stagflation.
D. An inward shift of the production possibilities curve.
Answer: B
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Which of the following is an example of a productivity shock?
A) The introduction of new management techniques B) A change in taxes on corporate profits C) A change in the level of government transfer programs D) An increase in the money supply
Explain why the market system is an organizing mechanism
Please provide the best answer for the statement.
Economists think of a business as a machine, where you put inputs in one end and get outputs from the other end. This metaphor is called the
A. revenue function. B. cost function. C. production function. D. profit maximum.
Union membership, in terms of percentage of the U.S. civilian labor force
A. was over 50 percent in 2020. B. has increased steadily since the passage of the Wagner Act. C. has increased dramatically since 1970. D. peaked about 1960 and has since declined.