A technological advance can lead to a(n) __________ in supply.
Fill in the blank(s) with the appropriate word(s).
increase
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Each step up the education ladder improves the incomes of white males but not of black males
Indicate whether the statement is true or false
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n):
a. increase in long-run aggregate supply. b. increase in short-run aggregate supply. c. decrease in the aggregate demand. d. simultaneous outward shift of the aggregate demand and supply curves. e. decrease in the short-run aggregate supply.
Many economists believe that skill-biased technical change has increased the incomes of both highly skilled workers and low-skill workers
a. True b. False Indicate whether the statement is true or false