A decrease in the expected price level shifts
a. only the long-run aggregate supply curve right.
b. only the short-run aggregate supply curve right.
c. both the short-run and the long-run aggregate supply curve right.
d. Neither the short-run nor the long-run aggregate supply curve right.
b
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One way in which politicians have tried to cut federal spending and borrowing was to refuse to
a. lower the legal debt limit. b. default on Treasury bonds. c. raise the legal federal debt limit. d. issue additional Treasury bonds.
A community of 100 persons wants to redistribute (transfer) some income from themselves to members of group A. So far, they don't seem to be able to do what they say they want to do. This is most likely because each member of the community of 100 persons sees his contribution as __________________ relative to the total (of contributions) and therefore chooses to be a __________________
A) large; rent-seeker B) small; rent-seeker C) small; free rider D) large; free rider E) none of the above
Each of the following played a role in causing the savings and loan associations to go bankrupt in the 1980s except
A. laws restricting assets S & Ls could purchase. B. organized crime. C. real estate speculators. D. junk bond purchases.
Assume you and your cousin Vinny set up a partnership and your lawyer tells you that as the owners you will each face unlimited liability. What does that mean?
A) You are each liable for organizing the business. B) Each of you could stand to lose your personal wealth if the business goes bankrupt. C) There is no legal responsibility of the business in case a customer sues, as the business is legally untouchable. D) None of these explain what unlimited liability means.