All of the following would shift the LRAS curve to the right EXCEPT
A. a net inflow of human capital.
B. an improvement in technology.
C. an increase in the size of the labor force.
D. an increase in the overall price level.
Answer: D
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In a frictionless labor market:
A) there is always a shortage of workers. B) the wage adjusts instantly to clear the market. C) there is always a surplus of workers. D) the ongoing wage rate does not change for long periods of time.
A Lorenz curve based on the percentage of wealth held by different quintiles of the population, when compared to one based on income shares, shows a
a. lower degree of inequality b. higher degree of inequality c. similar degree of inequality d. higher absolute level of poverty e. lower absolute level of poverty
Which of the following would not be considered physical capital?
A. A spotlight B. An optical lens C. A trained physicist D. A clipboard
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.