An increase in the federal minimum wage will shift the long-run aggregate supply curve to the left
a. True
b. False
Indicate whether the statement is true or false
True
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The specialization in production made possible by the use of money to avoid barter is an illustration of the:
A. cost-benefit principle. B. principle of increasing opportunity cost. C. principle of comparative advantage. D. scarcity principle.
If, between 2006 and 2016, the economy's real GDP grew from $20 billion to $40 billion, what was the average annual growth rate in the economy?
A) 3% B) 7% C) 20% D) 100%
Generally, expenses on a truck are a large part of a consumer's budget, so the demand for trucks is more likely to be
a. elastic b. inelastic c. unit elastic d. perfectly elastic
Ms. Smith has $10,000 in her saving account that pays her a 3% interest rate. If the inflation rate is 5%, Ms. Smith will
a. gain buying power because both the interest rate and the inflation rate are positive. b. lose buying power because the inflation rate is positive. c. lose buying power because the inflation rate is greater than the interest rate. d. lose buying power because the interest rate is low.