The three business cycle models differ mostly in their treatment of ________
A) aggregate demand
B) short-run aggregate supply
C) long-run aggregate supply
D) productivity shocks
B
You might also like to view...
The Obama stimulus package was implemented to assist the economy in its recovery from recession. This package was designed to shift
A) aggregate demand to the left. B) aggregate demand and aggregate supply to the left. C) aggregate supply to the left. D) aggregate demand to the right.
Which of the following is a correct way to measure productivity?
a. Divide the number of hours worked by the quantity of output. b. Divide the quantity of output by the number of hours worked. c. Determine how much output is produced in a given time. d. Determine how much time it takes to produce a unit of output.
Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions
a. cause unemployment, but efficiency wages do not. b. cause the quantity of labor supplied to exceed the quantity of labor demanded, but efficiency wages do not. c. cause wages to be above the equilibrium level. d. prevent firms from lowering wages in the presence of a surplus of workers.
Bryce saw a motorcycle for sale online. He had been wanting that model of motorcycle and was willing to pay $5,000. The one he saw online was listed for $3,500, so he immediately bought it. In this case, how much was the consumer surplus?
a. $1,500 b. $3,500 c. $5,000 d. $8,500