Something that would cause the long-run aggregate supply curve to shift to the right would be:
A. technological advance.
B. increase in the growth rate of the labor force.
C. discovery of a new oil reserve.
D. All of these would shift the long-run aggregate supply curve to the right.
Answer: D
You might also like to view...
A positive aspect of migration out of developing countries is
a. reduced population growth b. remittances to developing countries c. increased agricultural productivity d. increased foreign aid e. all of the above
Which of the following antebellum banking innovations was the forerunner of the modern Federal Deposit Insurance Corporation (FDIC)?
a. the Suffolk System b. the Safety Fund Act c. the Forstall System d. the bimetallic standard
Many economists believe that in our modern economy, firm size is most directly determined by
a. concentration ratios that decrease as the number of firms decreases b. diseconomies of scale that make it less costly to increase firm size c. easy entry of new firms when there are economies of scale d. government policies that dictate optimal firm investment levels e. modern technology that gives an advantage to large-scale production methods
Which of the following is a difference between monopoly and perfect competition?
a. Positive economic profits earned by perfectly competitive firms result in deadweight loss, while positive economic profits earned by a monopoly result in the production of a socially efficient output level. b. Positive economic profits earned by firms in a perfectly competitive market attract new firms into the market, causing profits to increase over time, while barriers to entry protect a monopolist's profits. c. Positive economic profits earned by a monopolist attract new firms into the industry, while barriers to entry protect profits of a perfectly competitive firm. d. Positive economic profits earned by firms in a perfectly competitive market attract new firms into the market, causing profits to decrease over time, while barriers to entry protect a monopolist's profits.