The labor supply curve shifts when
a. employers need to hire more people.
b. employers develop new technology.
c. workers change the number of hours that they want to work at any given wage.
d. workers become more productive.
c
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Under a flexible exchange rate system an increase in the value of a currency relative to other currencies is a called a ________ and under a fixed exchange rate system an increase in the official value of a currency is called a ________.
A. depreciation; devaluation B. depreciation; appreciation C. appreciation; revaluation D. revaluation; appreciation
An action at which it is possible to change the activity level in only one direction is called:
A. an interior action. B. a boundary action. C. a limited action. D. a marginal action.
Exhibit 14-8 Aggregate demand and supply
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In Exhibit 14-8, when aggregate demand shifts from AD4 to AD5, the economy experiences:
A. cost-push inflation. B. cost-pull inflation. C. demand-push inflation. D. demand-pull inflation.
The period in the U.S. economy from 1995 to 2009 is characterized by:
A. a higher trend rate of saving. B. a higher natural rate of unemployment. C. a higher trend rate of productivity growth. D. the end of the business cycle.