When the price level rises, the long-run aggregate supply curve ________
A) shifts rightward
B) does not shift
C) slopes upward
D) shifts leftward
B
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The infant industry argument has a normative economic basis because
A) clearly, all industries need to be protected. B) protected industries are selected on a factual basis. C) the government must decide which industries should be protected. D) political corruption is the only deciding factor.
How did families manage to keep up their standard of living in the 1970s and 1980s in the face of falling real wages?
A. They went on welfare and food stamps. B. They tightened their belts. C. They sent their stay-at-home mom to work. D. They went into debt.
Protectionist policies include all of the following EXCEPT
A. tariffs. B. currency appreciation. C. regulatory barriers. D. quotas.
What are the coordinates for the point on the MR curve?
a. P* and 0
b. P* and q"
c. MC and 0
d. MC and q*