An advance in technology which increases labor productivity will shift the:
a. labor demand curve to the left.
b. MFC curve to the left.
c. MP curve downward.
d. labor demand curve to the right.
e. product demand to the right.
d
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
A principal benefit of inflation is that it makes economic decisions easier.
Answer the following statement true (T) or false (F)
If perfectly competitive firms are earning positive economic profits in the short run, then in the long run other firms will enter the market.
Answer the following statement true (T) or false (F)
When actual inflation is greater than expected inflation
A) the natural rate of unemployment rises, according to Phillips-curve analysis. B) cyclical unemployment rises, according to Phillips-curve analysis. C) there are transfers from borrowers to lenders. D) there are transfers from lenders to borrowers.