Among the accomplishments of Nobel Laureate Simon Kuznets is his pioneering research on
a. the sunspot theory of cycles
b. war-induced cycles
c. population-induced cycles
d. innovation cycles
e. housing cycles
E
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In the IS model, assuming that the real interest rate does not change, an increase in autonomous ________ leads to an increase in the equilibrium level of ________
A) investment; consumption B) consumption; investment C) net exports; investment D) all of the above E) none of the above
The statement "Gross domestic product (GDP) values all output equally" means that:
a. household production is treated the same as production by firms b. depreciation of manufactured capital is treated the same as depletion of natural resources. c. the purchase of pollution control equipment is valued the same as pollution itself. d. leisure time is valued the same as time spent working a job. e. the market price of output is the measure of that output's value.
A rise in wage rates
A) causes the AD curve to shift leftward. B) causes the short-run aggregate supply (SRAS) curve to shift rightward. C) does not affect the present position of the SRAS curve. D) causes the AD curve to shift rightward. E) causes the SRAS curve to shift leftward.
A shift of the supply curve for farm products to the right in a price inelastic region of the demand curve for farm products
A) reduces price and total revenue. B) increases price and reduces total revenue. C) reduces price and increases total revenue. D) increases prices and total revenue.