Aggregate supply increases when:
a. wage rates decrease while the economy's price level remains unchanged.
b. resource availability is reduced.
c. there are fewer workers.
d. there is less capital and the price level remains unchanged.
e. there are increased inflationary expectations of labor.
a
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From the economist's point of view
A) wants and needs are exactly the same. B) a want is a lifesaving necessity. C) needs are objectively undefinable. D) we all have wants but only very poor people have needs.
The evidence to support economist de Soto's claim that a strong titling system would lead countries to increase their economic development is:
A. not important as in economics some theories don't require empirical evidence to be supported. B. strong and undisputed. C. absent, and his claims are unfounded. D. mixed and implies that such systems may be important with other factors present.
Hot dogs and hot dog buns are complements. An increase in the price of flour used to make hot dogs buns will
a. increase consumer surplus in the market for hot dog buns and decrease producer surplus in the market for hot dogs. b. increase consumer surplus in the market for hot dogs and increase producer surplus in the market for hot dog buns. c. decrease consumer surplus in the market for hot dog buns and increase producer surplus in the market for hot dogs. d. decrease consumer surplus in the market for hot dog buns and decrease producer surplus in the market for hot dogs.
To an economist, the term "inflation" refers to:
A. a one-time change in the average price level. B. a continually rising price level. C. any price increases. D. increases in prices of important goods like food and energy.