An increase in the money wage rate leads to
A) a rightward shift of the aggregate supply curve.
B) a downward movement along the aggregate supply curve.
C) an upward movement along the aggregate supply curve.
D) a leftward shift of the aggregate demand curve.
E) a leftward shift of the aggregate supply curve.
E
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The interest elasticity of money demand is estimated to be
A) small in absolute value. B) large in absolute value. C) highly volatile. D) not statistically different from zero.
In behavioral economics, the endowment effect refers to the fact that
A) most people believe that most wealthy people inherit their wealth. B) many people would be indifferent between being endowed with money or knowledge. C) many people place a higher value on what they own than the same item they are considering purchasing. D) most people respond to tax incentives to provide an endowment for their children.
A key idea in the study of economics is that increasing ______ leads to economic growth.
a. regulation b. productivity c. population d. dedication
In the short run if price is below average variable cost the firm will
A. go out of business. B. stay in business. C. shut down. D. operate.