Long-run aggregate supply will decrease for all of the following reasons EXCEPT
A) reduced money wages.
B) decreased human capital.
C) reduction in the level of technology.
D) decreased capital.
A) reduced money wages.
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Employment in the tertiary sector in the 20th century showed
(a) a marked cyclical tendency in harmony with the business cycle. (b) a leveling off in times of recession. (c) a downturn during cyclical expansions. (d) a steady increase since 1900.
If the government were to increase its spending, it would expect:
A. aggregate demand to shift to the right. B. aggregate demand to shift to the left. C. aggregate supply to shift to the right. D. aggregate supply to shift to the left.
In 1935, John Hicks wrote, “The best of all monopoly profits is a quiet life.” What did he mean?
a. That monopolies are the best form of business enterprise b. That monopolies do not hire unionized workers c. That monopolies have no incentive to work at pleasing their customers d. That a quiet life is more important than high profits
Each C + I + G + (X ? IM) expenditure schedule is drawn assuming a specific
a. income level. b. spending level. c. production level. d. price level.