Suppose there is a temporary increase in the price of oil. This is represented by
A) a leftward shift of the SAS and the LAS curve.
B) a leftward shift of the LAS curve.
C) a rightward shift of the SAS curve.
D) a leftward shift of the SAS curve.
D
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All else equal, in an economy with an upward-sloping production function, as an economy accumulates more capital goods,
A) the labor supply must increase. B) real GDP increases. C) the labor supply must decrease. D) the marginal product of capital will increase.
The rate at which two countries trade one good for another
a. is known as the foreign exchange rate b. is known as the terms of trade c. is known as the export line d. equals the slope of the import line e. equals the common slope of the countries' production possibilities frontiers
Members of the Board of Governors of the Federal Reserve System are
A. elected by member banks to serve four-year terms. B. appointed by Congress for 14-year terms. C. appointed by the president for 14-year terms. D. appointed by the Supreme Court for lifetime terms.
Why has agriculture become a declining industry over the past half century? Explain
What will be an ideal response?