Which of the following statements is true?
A) A decrease in wage rates will shift the SRAS curve to the left.
B) An adverse supply shock will shift the SRAS curve to the left.
C) A fall in the prices of nonlabor inputs will shift the SRAS curve to the left.
D) An increase in labor productivity will shift the SRAS curve to the left.
E) c and d
B
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Suppose that there is a current account deficit of $250 billion and a capital account surplus of $260 billion. It may be concluded that the
A) overall balance of payments is +10. B) overall balance of payments is -10. C) official reserve transaction account balance is +10. D) official reserve transaction account balance is -10.
If a market is in long-run equilibrium, which of the following conditions will be present in a competitive price-taker market but absent from a competitive price-searcher market?
a. P = ATC b. MR = MC c. P = MC d. MR < P
Since World War II, we have had one long period of very slow productivity growth beginning ____ and ending in ____.
Fill in the blank(s) with the appropriate word(s).
The iso-revenue curve will shift to the right
A) If the production possibilities curve expands. B) If the level of income increases. C) If the price of the two commodities increases. D) None of the above