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
You might also like to view...
Figure 7-7
In Figure 7-7 at 100 units, AVC equals
a.
8.
b.
800.
c.
100.
d.
1,000.
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
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.
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.