Which of the following would cause a rightward shift in the aggregate supply curve?
A. larger-than-expected wage increases
B. lower oil prices
C. increased investment spending
D. greater government regulation
Answer: B
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In general, the labor supply curve
A) is perfectly elastic at the equilibrium wage rate. B) is vertical at the equilibrium wage rate. C) slopes upward because as the wage rises the opportunity cost of leisure increases. D) slopes downward because firms will hire fewer workers at higher wages.
A decrease in supply shifts the supply curve to the left
a. True b. False Indicate whether the statement is true or false
Economists define capital as the
a. accumulation of goods produced in the past that are being used in the present to produce new goods and services. b. goods and services that are most affected by changes in technology. c. factors of production that can be rented by firms. d. factors of production that can be purchased by firms.
Refer to the above figures. Which panel(s) represent economic growth?
A. Panels B and D only B. Panel A only C. Panels A and C only D. Panel D only