Identify the three major factors that can cause a shift in aggregate supply.
What will be an ideal response?
The determinants of supply include: (a) changes in input prices; (b) changes in productivity; and, (c) changes in the legal-institutional environment.
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Which of the following is likely to lead to a left shift in the supply curve for labor to a firm?
A) The introduction of labor-saving technology B) The establishment of a new firm nearby that offers higher wages C) An increase in the opportunity cost of leisure D) The introduction of labor-complementary technology
The Social Security system pays:
A. current retirees from funds paid by current employees. B. retirees the money accumulated from the payroll tax collected throughout their working lives. C. current retirees from current general government revenues. D. current retirees from general government revenue surpluses they contributed to through taxes.
Which of the following activities would occur in the product market?
a. Harry mows his grass. b. General Motors hires additional workers to run a third shift at the factory. c. Sam pays a speeding ticket. d. Dolly buys a ticket to the ball game. e. Jane bakes a pie for Thanksgiving dinner.
Consumers receive more consumers' surplus when __________
A) tariffs exist. B) tariffs and quotas do not exist. C) quotas exist. D) a and c