An aggregate supply curve represents the relationship between the:
A. Price level and the buying of real domestic output
B. Price level and the production of real domestic output
C. Real domestic output bought and the real domestic output sold
D. Price level that producers are willing to accept and the price level buyers are willing to pay
B. Price level and the production of real domestic output
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The average annual growth rates of labor productivity from 1948 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid in the U.S., but slower in other industrialized countries than B. about the same as C. more rapid than D. slower than
Costs of unemployment include
A) structural unemployment. B) the output lost due to the fact that the economy is not running at full employment. C) reduction in the labor force. D) higher wages.
In 2000, a major U.S. oil company began exploration off the southeastern coast of the United States. Suppose the company discovers huge reserves of natural gas. Using the aggregate demand/ aggregate supply model, predict what shifts will occur and what will happen to output and prices in both the long and short runs
In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. left and wages will decrease. B. right and wages will decrease. C. right and wages will increase. D. left and wages will increase.