According to the new classical theory, a monetary surprise will
a. shift the labor supply curve to the right in the short run.
b. shift the labor supply curve to the left in the short run.
c. not shift the labor supply curve in the short run.
d. shift the aggregate supply curve to the left in the short run.
e. shift the aggregate supply curve to the right in the short run.
C
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"The balance of payments is seldom in balance in practice." Discuss
What will be an ideal response?
Consumers derive consumer surplus whenever
a. the monetary value of total utility equals total expenditure b. the monetary value of total utility is greater than total expenditure c. the monetary value of total utility is less than total expenditure d. marginal utility is greater than total utility e. marginal utility is less than total utility
Which of the following would cause an increase in the supply of smartphones?
a. An increase in the price of smartphones b. A movement toward the use of laptops by people c. A reduction in the cost of producing smartphones d. An increase in the minimum wage
The sum of the explicit and implicit costs incurred in the production process is called
a. fixed cost. b. sunk cost. c. marginal cost. d. total cost.