Currency is included in
A. M2 only.
B. M1 only.
C. both M1 and M2.
D. neither M1 nor M2.
Answer: C
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Define the short-run industry supply curve. Explain the two factors that can cause the short-run industry supply curve to shift to the right
What will be an ideal response?
In the decade immediately following emancipation, former slaves
a. were willing to work under the gang system in return for wages and benefits. b. decreased their labor supply. c. obtained ownership of roughly 40 percent of southern farms. d. moved to northern states in large numbers.
In this graph, how does the expansionary policy influence aggregate demand?
a. It prevents the aggregate demand curve from moving.
b. It shifts the aggregate demand curve to the left.
c. It shifts the aggregate demand curve to the right.
d. It changes the slope of the aggregate demand curve.
Suppose the elasticity of labor demand is less than 1 in absolute value. Imposing a minimum wage above the equilibrium wage will:
A. result in full employment. B. make few workers better off. C. increase the earnings of every worker. D. increase the earnings of workers as a group.