Which of the following shifts both the short-run aggregate supply curve and the long-run aggregate supply curve?
I. changes in the size of the labor force
II. changes in the money wage rate
III. changes in the quantity of capital
A) II only
B) both I and II
C) both I and III
D) I, II and III
C
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If bagels and croissants are substitute goods, which of the following is likely to occur if the price of bagels has decreased?
A) The demand curve for bagels shifts to the right. B) A leftward movement along the bagel demand curve. C) The demand curve for croissants shifts to the right. D) The demand curve for croissants shifts to the left.
If savings exceeds investment at full employment, demand will fall short of total output.
Answer the following statement true (T) or false (F)
Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, if a worker is willing to take a $2,000 pay cut in order to reduce the probability of dying by .001, then the value of a statistical life is:
A. $2,000,000. B. $2,000.001. C. $2. D. $20,000,000.
Prices ration goods to
A. the richest people. B. the people with the lowest opportunity cost of time. C. the people willing and able to pay the highest price. D. the people who most deserve it.