The aggregate supply curve will shift to the left if
A. energy prices fall.
B. technology and productivity increase in the economy.
C. the capital stock of the economy increases.
D. the money wage rate increases.
Answer: D
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Tom is buying a quantity of wheat at which the marginal utility (in dollars) exceeds price. He should
A. reduce wheat consumption, thus raising P to the level at which MU = P. B. reduce wheat consumption, thus raising MU to the level at which MU = P. C. increase wheat consumption, thus raising P to the level at which MU = P. D. increase wheat consumption, thus lowering MU to the level at which MU = P.
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one ticket is $25
A) no one will buy a ticket. B) Anya's consumer surplus is $1. C) everyone will buy a ticket. D) consumer surplus will be maximized.
A favorable supply shock shifts the production function curve ________ and the labor demand curve ________
A) upward, upward B) upward, downward C) downward, upward D) downward, downward
Supply-side economics emphasized government policies to: a. restrict aggregate spending and boost aggregate supply
b. increase minimum wage to improve labor productivity. c. stimulate real GDP by improving incentives to work. d. lower interest rates to boost saving. e. increase government tax revenues in order to increase government purchases.