The long-run aggregate supply curve will shift to the left when
A. technology improves.
B. the price level increases.
C. population decreases.
D. new sources of natural resources are discovered.
Answer: C
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You buy new water skis and other new equipment for $2,500 and take a week off of your job, where you earn $1,000 a week, to go water skiing. The equipment you purchased was all produced in the United States. You think that the week was worth $4,000
As a result of your vacation, GDP changes by how much?
The tragedy of the commons was avoided in the Middle Ages in much the same way economist Elinor Ostrom's research suggested. Which of the following ways reflects Ostrom's findings, and was actually conducted in the middle ages?
A) Common grounds were sold to individuals. B) Local law enforcement monitored entry into the commons. C) There was social pressure to uphold traditionally accepted limits on family. D) The government imposed a tax for the use of the commons.
If a lower price for a Pepsi decreases the demand for a Coke, the cross elasticity value for Pepsi and Coke is
A) definitely negative. B) definitely equal to zero. C) definitely positive. D) definitely greater than one. E) possibly negative, positive, or zero, but there is not enough information to decide.
Why did fewer state banks choose to become or remain members of the Federal Reserve System during the 1960s and 1970s?
A) Nominal interest rates rose. B) The required reserve ratio rose. C) The discount rate rose. D) Open market operations declined.