All of the following shift the short-run aggregate supply curve EXCEPT
A) a change in the price level.
B) a change in the money wage rate.
C) a change in the price of a raw material.
D) technological progress.
A
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Answer the following statements true (T) or false (F)
1) The expected value of an outcome takes into consideration the associated risk. 2) The greater the risk associated with an outcome and the more risk averse the decision maker, the more likely a high insurance premium will be paid. 3) Because increased costs reduce the return on investment, shareholders may prefer managers make decisions based on the risk and not on the expected profit. 4) Placing all of your investment funds into one stock is an example of diversification. 5) Plaintiffs can be risk averse.
Heterogeneous inputs in a perfectly competitive market will cause the industry to face ________ costs because as the firm produces a larger quantity, it is forced to use ________ productive inputs.
A. increasing; less B. decreasing; less C. increasing; more D. decreasing; more
Which of the following statements about economic models is TRUE?
A) Economic models are not empirically testable. B) The predictive power of models is not as important as they serve the preferences of economists. C) Economic models are designed so that every detail of the real world can be analyzed. D) Every economic model is based on a set of assumptions.
Liquidity preference refers to
A) Keynes' name for the demand for money. B) the "random walk" behavior of consumption spending. C) monetarists explanations for stagflation. D) real business cycle theorists' explanations for stagflation. E) the controversy sparked by the Lucas critique.