Advances in technology will shift the aggregate:
a. demand curve rightward.
b. supply curve rightward.
c. demand curve leftward.
d. supply curve leftward.
b
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During the years from 1964 to 1969, inflation increased in the United States
A) when the AD curve shifted up and to the right, even though the SRAS curve remained stable. B) when the SRAS curve shifted up and to the left, even though the AD curve remained stable. C) when the AD curve shifted up and to the right and the SRAS curve shifted up and to the left. D) despite the AD and SRAS curves remaining stable.
Imports are not included in the calculation of GDP in order to avoid double counting
a. True b. False Indicate whether the statement is true or false
The parity ratio:
A. compares worker productivity in the farm and nonfarm sectors. B. is the ratio of per capita farm income to per capita nonfarm income. C. is the ratio of prices received by farmers to prices paid by farmers. D. is the ratio of prices paid by farmers to prices received by farmers.
The menu cost theory states that
A. prices depend only on the input costs. B. economic agents quickly learn the likely responses of the Fed to changes in unemployment. C. prices are not fully flexible because it is costly for firms to change prices every time there is a demand change. D. the economy is characterized by perfect competition.