Which of the following is an example of a productivity shock?
A. The introduction of new management techniques
B. A change in taxes on corporate profits
C. An increase in the money supply
D. A change in the level of government transfer programs
Answer: A
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An increase in the expected price level
A) shifts the short-run aggregate supply curve up and to the left. B) shifts the short-run aggregate supply curve down and to the right. C) has no effect on the short-run aggregate supply curve. D) results in a movement along the short-run aggregate supply curve, rather than a shift in the short-run aggregate supply curve.
What is approximately the growth rate of real GDP using base year 1?
A) 13% B) 20% C) 33% D) 39%
A tax equal to the external cost on firms that emit pollutants would: a. provide firms with the incentive to increase the level of activity creating the pollution
b. provide firms with the incentive to decrease the level of activity creating the pollution. c. provide firms with little incentive to search for less environmentally damaging production methods. d. not reduce pollution levels at all.
When Joshua's income increases, he purchases more prime-rib dinners than he did before his income increased. For Joshua, prime-rib dinners are a(n)
a. normal good. b. inferior good. c. optimal good. d. Giffen good.