The price level influences aggregate supply in the___ run but not in the ___run.
Fill in the blank(s) with the appropriate word(s).
short; long
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What has been the reaction of many governments to the failure of central planning?
What will be an ideal response?
Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would
A) increase the measured labor force participation rate. B) increase the measured unemployment rate. C) decrease the number of persons in the working-age population. D) decrease the number of persons in the labor force.
As the wage rate increases, the quantity of labor supplied by an individual worker will:
a. invariably increase b. invariably decrease. c. first increase and then decrease. d. first decrease and then increase. e. remain constant.
Refer to the graph below. If the output level is Q1, then the sum of the consumer and producer surplus is:
A. bce
B. ac0
C. 0abe
D. 0eQ1