The short-run aggregate supply curve shifts leftward when the
A) price level increases.
B) general level of technology advances.
C) money wage rate increases.
D) availability of on-the-job training expands to all workers.
C
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Money solves the dilemma of a double coincidence of wants by serving as a
A) unit of account. B) medium of exchange. C) symbol of value. D) store of value.
Suppose x is an inferior good. Then we will overestimate the deadweight loss from taxes on consumption good x if we use the uncompensated demand curve rather than the marginal willingness to pay (or compensated demand) curve.
Answer the following statement true (T) or false (F)
Nominal GDP increases
A) only if total production increases. B) only if prices increase. C) if either prices and/or total production increase. D) only if the productivity of resources increase. E) only if depreciation decreases.
Under Alan Greenspan, the Fed:
A. Targeted interest rates only. B. Targeted the money supply only. C. Targeted the unemployment level. D. Used a mix of money-supply and interest-rate adjustments.