Which of the following would shift aggregate demand to the right?
a. College graduates are having a difficult time finding jobs.
b. There is a decline in consumer confidence.
c. Stock market values increase by 20%.
d. A fall in the price level increases the value of real wealth.
e. The value of the dollar increases.
c. Stock market values increase by 20%.
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If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the marginal product of the third unit is
a. 20 b. 10 c. 4 d. 0 e. 6
When we calculate GDP, government spending on goods and services makes up approximately
A. One-fifth of total output. B. One-tenth of total output. C. One-half of total output. D. One-third of total output.
Which of the following explains the impact of the expansion of international trade on the demand for less skilled workers in the United States?
A. An increase in international trade has increased the demand for less skilled workers. B. An increase in international trade has decreased the demand for less skilled workers. C. An increase in international trade has had little impact on the demand for less skilled workers. D. The impact of the expansion of international trade on the demand for less skilled workers in the United States varies from year to year.
An increase in the price of oil will cause which of the following in the medium run?
A) no change in the level of output B) no change in the price level C) an increase in the unemployment rate D) a reduction in the interest rate E) none of the above