According to the real business cycle model, a rightward shift in the long-run aggregate supply schedule would be caused by ________
A) a negative supply shock
B) an increase in aggregate demand
C) a positive supply shock
D) a decrease in aggregate demand
C
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Considering a given increase in price due to a tax, the less price elastic the demand curve is, the:
A. larger the drop in equilibrium quantity. B. smaller the amount of deadweight loss created. C. larger the amount of deadweight loss created. D. more surplus that is transferred to consumers.
Demand is defined as
A. the quantity people would buy at a given price. B. the quantity needed by an individual during a given time. C. the amount of a good actually purchased during a given time. D. the quantities that buyers will purchase at different prices.
Recent data and analysis confirms that minimum wage laws have significantly increased teenage unemployment.
Answer the following statement true (T) or false (F)
Which is best considered a supply factor for long-run economic growth?
A. The stock of capital goods. B. Full employment of resources. C. Personal consumption expenditures. D. Government spending.