An increase in ________ increases potential GDP and ________ aggregate supply
A) the money price of oil; decreases
B) the money wage rate; decreases
C) the money wage rate; increases
D) technology; decreases
E) technology; increases
E
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Which of the following is not an example of a market?
A. An auction B. Grocery store C. Donation center D. EBay
If a price ceiling is not binding, then a. the equilibrium price is above the price ceiling
b. the equilibrium price is below the price ceiling. c. it cannot be legally enforced. d. None of the above is correct because all price ceilings must be binding.
Irregular weather patterns caused very poor yields for orange farmers. Which factor of supply would this change in the market for orange juice?
A. Price of related good B. Technology C. Price of input D. Number of sellers
Your roommate has the right to play her harmonica during the day. But you find the best time to study is during the day, and the harmonica playing makes it hard for you to concentrate. You tell your roommate that you will do her laundry every week if she does not play the harmonica during the day and she agrees to this. This is an example of
A. an injunction. B. liability rules. C. the Coase theorem. D. the drop-in-the-bucket problem.