Which of the following would shift the money demand curve to the left?
a. A decrease in the price level.
b. An increase in the interest rate.
c. An increase in the price level.
d. An increase in real income.
e. None of the above.
A
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Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should
A) move the economy down along a stationary short-run aggregate supply curve. B) shift the short-run aggregate supply curve to the right. C) move the economy up along a stationary short-run aggregate supply curve. D) shift the short-run aggregate supply curve to the left.
Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete
By how much and in what direction does GDP change as a result of his efforts? A) GDP rises by $125. B) GDP is not affected by Scott's production of the jewelry box. C) GDP rises by $1,875. D) GDP falls by $1,875.
From the 1960s to the early 1990s, marginal tax rates _____
a. varied, but not in a consistent direction b. steadily declined c. steadily increased d. remained relatively constant
Economic growth can be drawn in a diagram by
A. shifting the production possibilities curve out. B. shifting the production possibilities curve in. C. making the production possibilities curve more bowed out. D. making the production possibilities curve less bowed out.