A leftward shift in the aggregate supply curve generates a ________ inflation and ________ output.
A. cost-push; higher
B. cost-push; lower
C. demand-pull; lower
D. demand-pull; higher
Answer: B
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According to estimates by Richard Vedder, rates of exploitation for slaves:
a. are similar to those of antebellum manufacturing workers. b. indicate that slaves received nearly the full marginal value product of their labor. c. equaled 50-65 percent of their value marginal product. d. cannot be determined due to inadequate data on maintenance costs of adult slaves.
Suppose the nominal annual interest rate on a two-year loan is 8 percent and lenders expect inflation to be 5 percent in each of the two years. The annual real rate of interest is:
A. 6 percent. B. 8 percent. C. 2 percent. D. 3 percent.
The ________ is the additional revenue a firm earns by employing one additional unit of labor.
A. marginal labor cost B. per-worker net profit C. average labor revenue D. marginal revenue product of labor
Which of the following influences does NOT shift the supply curve?
A) a rise in the wages paid workers who produce the good B) the development of new technology C) people deciding that they want to buy more of the product D) a decrease in the number of suppliers