If a shift in SRAS results from gains in productivity growth, the effect will be
a. relatively small over a few months or even a couple of years.
b. relatively large over a few months or even a couple of years.
c. relatively small over a few months but larger over a couple of years.
d. relatively large over a few months but smaller over a couple of years.
a. relatively small over a few months or even a couple of years.
You might also like to view...
Of the following market structures, which is the most competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
A majority of charitable contributions in the United States are usually to ________
A) environmental causes B) religious causes C) basic necessities D) educational purposes
In order to maximize profits, firms organize their production using
A) only a command system. B) only an incentive system. C) a combination of command and incentive systems. D) neither a command nor an incentive system.
In a congressional debate about agricultural price supports, senators, members of congress, and other experts made the following four statements. Which of these is a normative statement?
a. "Price supports are important because America should preserve the small family farm." b. "Without price supports, the price of wheat and corn will fall by over twenty percent." c. "The decline in commodity prices caused by the removal of price supports will result in fewer, larger farms." d. "The decline in commodity prices caused by the removal of price supports will reduce the number of tractors sold in the United States."