Advances in computing power is an example of:
A) labor-saving technological changes.
B) skill-biased technological changes.
C) unskilled-biased technological changes.
D) labor-complementary technological changes.
B
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In larger markets, the quest for profit by firms motivates them to be innovative and produce new and more appealing products
Indicate whether the statement is true or false
An increase in the general level of prices in the goods and services market that is accompanied by a short-run expansion in output is most likely caused by
a. an unanticipated decrease in aggregate demand. b. an unanticipated increase in aggregate demand. c. a favorable supply shock that shifts SRAS to the right. d. an unfavorable supply shock that shifts SRAS to the left.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
For a fixed inflation rate target, an increase in the inflation rate corresponds to a ________ the aggregate demand curve and an increase in exogenous spending corresponds to a ________ the aggregate demand curve.
A. shift left of; shift right of B. shift left of; movement up C. movement up; movement down D. movement up; shift right of