Which of the following directly shifts the short-run aggregate supply curve?
A) a change in aggregate demand
B) a change in the price level
C) a change in resource prices
D) all of the above
C
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The inflation-reduction episode of the early 1980s was an example of an
A) expected inflation reduction fiscal policy by Congress. B) unexpected inflation reduction by the Fed. C) unexpected inflation reduction fiscal policy by Congress. D) unexpected inflation reduction by the Fed combined with an expected inflation reduction fiscal policy by Congress. E) expected inflation reduction by the Fed.
The concept of human capital describes
A) human skills, that is, the quality of labor. B) human population, that is, the quantity of labor. C) the number of machines per employed worker. D) the number of workers per operating machine. E) the number of machines (capital) that have been produced by people (humans).
The table above lists six points on the production possibilities frontier for grain and cars. From this information you can conclude that production is inefficient if this economy produces
A) 6 tons of grain and 18 cars. B) 4 tons of grain and 26 cars. C) 2 tons of grain and 27 cars. D) 8 tons of grain and 10 cars.
Everything else held constant, the vertical section of the supply curve of reserves is shortened when the
A) discount rate increases. B) discount rate decreases. C) federal funds rate rises. D) federal funds rate falls.