A rightward shift of long-run aggregate supply due to technology advances without any change in aggregate demand
A. increases the price level without any change in real GDP.
B. results in a lower price level.
C. will leave real GDP unchanged.
D. increases the price level along with an increase in real GDP.
Ans: B. results in a lower price level.
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A union can achieve higher wages without accepting lower levels of employment of members by
A) striking. B) increasing the productivity of its members. C) increasing the amounts of imports. D) increasing the difficulty of its apprenticeship program.
While a focus on quality can lead to business success, its development is not free
Indicate whether the statement is true or false
In the U.S. economy, sole proprietorships account for over half the firms, but corporations account for over half of total sales revenue.
Answer the following statement true (T) or false (F)
The deficit (as a fraction of GDP) is anticipated to rise over the next several decades due to projections of
A) increased defense spending. B) increased spending on entitlements. C) increased inflation. D) decreased corporate tax revenues. E) decreased income tax revenues.