A vertical curve that defines the level of full-employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:
A) the short-run aggregate supply curve.
B) the long-run aggregate supply curve.
C) the aggregate demand curve.
D) none of the above.
B
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Refer to Figure 15-11. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, the Federal Reserve would most likely
A) decrease the inflation rate. B) decrease interest rates. C) not change interest rates. D) increase interest rates.
A yellow dog contract is a(n)
a. signed contract by a worker that he/she will not join a union if hired b. signed contract by a worker that he/she will join a union if hired c. prolabor provision in a contract that only union members will be employed d. agreement by a union member that he/she will not join any other union e. agreement by a worker that he/she will not go on strike
In 2007, the public debt was
a. roughly $500 million b. nearly $1 trillion c. nearly $3 trillion d. $9 trillion e. over $25 trillion
The real wage is equal to the:
a. wage measured in terms of the quantity of goods and services it buys
b. wage measured in terms of the dollar value of the goods and services it buys.
c. nominal wage net of taxes paid on wages.
d. non-wage benefits received by workers.
e. product of the nominal wage and the price level.