Changes in which of the following do NOT shift the AS curve?
i. the price level
ii. potential GDP
iii. the money wage rate
A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
A
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Which statement is true?
A. On the production possibilities frontier there is zero unemployment. B. On the production possibilities frontier 95 percent of the labor force is employed. C. To get out of a recession, we must produce at some point beyond our production possibilities frontier. D. To have economic growth, we must push the production possibilities frontier inward.
Freedom of economic choice is one of the chief advantages of a
a. market economy b. command economy c. communist economy d. traditional economy
The physical capital used by a woodworker to make furniture would include:
a) saws and rills b) wood and glue c) hard work and time d) a workshop and money
The intent of indexing is to
A. raise tax revenue automatically during inflation. B. shift the short-run Phillips curve to the right. C. take most of the sting out of inflation. D. reduce inflation gradually.