Economic growth is represented on the aggregate supply model by a
A. shift in the long-run aggregate supply curve to the right.
B. shift in the short-run aggregate supply curve to the left.
C. shift in the long-run aggregate supply curve to the left.
D. shift in the short-run aggregate supply curve to the right.
Answer: A
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After Hurricane Katrina destroyed much of the infrastructure of the United States Gulf Coast,
A) labor became more valuable. B) labor became less valuable because of the capital that had been destroyed. C) labor became less valuable because FEMA's response wasn't timely. D) labor became more valuable because of the rebuilding effort.
Two reasons why the Social Security system nearly went bankrupt in the early 1980s are: (i) wages were indexed but benefits were not; (ii) the percentage of elderly people in the country declined
a. i and ii b. i but not ii c. ii but not i d. neither i nor ii
The multiplier is increased when income taxes are included
a. True b. False Indicate whether the statement is true or false
If a firm decreases production, then its:
A. variable costs rise. B. total costs increase. C. fixed costs stay the same. D. All of these are true.