Changes in the expected future price level:
a. Shifts the short run aggregate supply curve upward
b. Shift the long run aggregate supply curve to the right.
c. Shift short run aggregate supply curves upward and long run aggregate supply curves to the right.
d. Do none of the above
b
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The agency in charge of environmental law is the Environmental Protection Agency
a. True b. False Indicate whether the statement is true or false
If average total cost equals $15 at 20 units of output and average total cost equals $15 at 21 units of output, then the marginal cost of the 21st unit is ____
a. zero b. $15 c. $20 d. $21
Which of the following is not an example of in-kind transfers?
a. food stamps b. Medicaid c. the Earned Income Tax Credit d. housing vouchers
"It matters how the government spends any extra dollars." The economist who said this most likely believes that
A) a dollar spent on one government project could raise Real GDP more than a dollar spent on some alternative government project. B) the AS curve is upward-sloping. C) the tax multiplier is larger than the government spending multiplier. D) government should increase in both size and scope. E) none of the above