As the U.S. labor force grows and the nation's capital stock is augmented by investment, the
a. price level will rise.
b. aggregate supply curve shifts inward.
c. aggregate supply curve shifts outward.
d. aggregate supply curve becomes steeper.
c
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Refer to Reducing Long-Run Labor Usage. The diagram illustrates the situation where
a. the long-run demand for labor is upward sloping.
b. the scale effect reinforces the substitution effect.
c. the higher wage raises the firm's long-run marginal costs.
d. labor is a regressive factor.
What are the three types of unemployment and how do they change over the business cycle?
What will be an ideal response?
Is it theoretically possible for general equilibrium to be attained? Is it likely that general equilibrium will be attained? Explain
What will be an ideal response?
The goods and services that are used in the production of other goods and services are called: a. gross domestic goods. b. intermediate goods
c. final goods. d. ultimate goods.