The slope of the aggregate supply curve increases as output increases because
a. the cost of resource-use increases as potential is reached.
b. consumers are willing to pay more as output expands.
c. firms substitute capital for labor as prices increase.
d. firms substitute capital for labor as capacity is reached.
a
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Courts generally use the ________ when determining the value of human life in wrongful death suits
A) compensating differential approach B) actuarial approach C) lost-income approach D) sentimental approach
If workers and firms raise their inflation expectations
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) actual inflation will fall to match expected inflation. D) the short-run Phillips curve will shift upward.
The circular flow of economic activity is a model of the:
a. flow of goods, resources, payments, and expenditures between the sectors of the economy. b. influence of government on business behavior. c. influence of business on consumers. d. role of unions and government in the economy.
If the federal government announces a tax cut, which of the following is most likely in the short run?
a. A decrease in output, an increase in money demand, and an increase in the interest rate b. An increase in output, a decrease in money demand, and a decrease in the interest rate c. A decrease in output, a decrease in money demand, and a decrease in the interest rate d. An increase in output, an increase in money demand, and a decrease in the interest rate e. An increase in output, an increase in money demand, and an increase in the interest rate.