Supply-side economists believe that:
A. Government regulation is necessary to ensure the correct mix of output.
B. A decrease in regulation will shift the aggregate supply curve to the right.
C. A decrease in regulation will allow producers to abuse consumers.
D. Government regulation encourages long-run economic growth.
B. A decrease in regulation will shift the aggregate supply curve to the right.
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A unique feature of an oligopolistic industry is
A. large number of producers. B. standardized products. C. mutual interdependence. D. low barriers to entry.
The GDP deflator in year 2 is 105, using year 1 as the base year. This means that, on average, the cost of goods and services is
A) 5% higher in year 2 than in year 1. B) 105% higher in year 1 than in year 2. C) 105% higher in year 2 than in year 1. D) 5% higher in year 1 than in year 2.
Which theory explains all three facts about the term structure?
A) expectations B) segmented markets C) preferential treatment D) liquidity premium
A decrease in the price of the output produced by labor will:
A. decrease the supply of labor. B. increase the demand for labor. C. decrease the demand for labor. D. increase the supply of labor.