Supply-side policies can be described in terms of the aggregate demand and aggregate supply model as an attempt to shift:
A. The aggregate demand curve to the right
B. The aggregate supply curve to the right
C. Both the aggregate supply curve and the aggregate demand curve to the right
D. The aggregate supply curve to the right and the aggregate demand curve to the left
B. The aggregate supply curve to the right
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The long-run aggregate supply curve is ________, while the long-run Phillips curve is ________
A) vertical; also vertical B) positively sloped; negatively sloped C) positively sloped; positively sloped D) vertical; negatively sloped
The Fed was created
A) after financial panics in the late 1800s and early 1900s. B) after the stock market crash of 1929. C) to help finance government expenditures during World War II. D) to help channel funds to the residential mortgage market.
The table in the above figure shows the levels of output resulting from different levels of inputs. Which of the following conclusions can be drawn from this information?
A) Increasing returns to scale exist between 100 and 200 units of output. B) Constant returns to scale exist throughout all levels of production. C) Labor is subject to diminishing marginal productivity in the short run. D) No firm conclusions can be drawn.
Suppose that the United States allowed its domestic fuel producers to use ethanol made from any source (corn or sugar). What is likely to happen to U.S. production of corn ethanol and U.S. imports of sugar ethanol?
a. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would decrease. b. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would decrease. c. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would increase. d. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would increase.