When we are at full employment, if demand rises, aggregate supply will rise in the form of higher _____.
Fill in the blank(s) with the appropriate word(s).
prices
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In the above figure, if the minimum wage is equal to ________, there would be ________ hours of labor employed
A) $8 per hour; 4,000 B) $8 per hour; 2,000 C) $6 per hour; 3,000 D) $4 per hour; 2,000
The neoclassical growth theory implies that
A) the marginal product of capital is low in poor countries. B) the rate of return on capital is low in poor countries. C) there should be large flows of capital from rich countries to poor countries. D) all of the above.
Which of the following statements is true?
A) A decrease in wage rates will shift the SRAS curve to the left. B) An adverse supply shock will shift the SRAS curve to the left. C) A fall in the prices of nonlabor inputs will shift the SRAS curve to the left. D) An increase in labor productivity will shift the SRAS curve to the left. E) c and d
Import restrictions
A. cannot protect American jobs in any sector of the economy. B. hurt people who work in importing companies, but makes consumers better off. C. can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. D. can protect United States jobs in the protected industry but will also lead to job reductions in other export industries.