If productivity increases by 2 percent but wages increase by 3 percent, then it is most likely that the:

A. short-run aggregate supply curve will shift down (to the right).
B. short-run aggregate supply curve will shift up (to the left).
C. aggregate demand curve will shift left.
D. short-run aggregate supply curve will not shift.


Answer: B

Economics

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Figure 7-7


In Figure 7-7 at 100 units, AVC equals

a.
8.

b.
800.

c.
100.

d.
1,000.

Economics

If a nation agrees to set an upper limit on the total amount of a product that it exports to another nation, then this situation would be an example of:

A. An import quota B. A revenue tariff C. A protective tariff D. A voluntary export restriction

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A market with the characteristics of many firms selling an identical product, many buyers, and no restrictions on entry or exit to the market is

A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.

Economics

Refer to Scenario 1. What is the total sum of squares?

A) 3860.8 B) 3718.9 C) 141.9 D) None of the above.

Economics