In general, the production and use of capital ________ the productivity of labor and normally ________ wages.
A. diminishes; drives down
B. has no effect on; has no effect on
C. enhances; drives down
D. enhances; drives up
Answer: D
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Employers may discriminate against minority workers because they don't want to offend white employees or customers
Indicate whether the statement is true or false
The income effect is the concept that changes in consumption of a good result from changes in purchasing power
a. True b. False Indicate whether the statement is true or false
Government spending on interstate highways, public housing facilities, and defense projects are all ways that the president can
a. close a recessionary gap b. close an inflationary gap c. combat inflation d. shift the aggregate demand curve to the left e. reverse the paradox of thrift
The OPEC oil shocks in 1973-1974 are an example of:
A) favorable supply shock, shifting the short-run aggregate supply curve rightward.
B) favorable supply shock, shifting the short-run aggregate supply curve leftward.
C) adverse supply shock, shifting the short-run aggregate supply curve rightward.
D) adverse supply shock, shifting the short-run aggregate supply curve leftward.