Which of the following statements regarding the relative increase in supply of high-skill labor in the United States since 1960 as measured by education level is not true?
A. The supply of highly skilled women to the workforce has increased dramatically since 1960.
B. The percent of workers with a college degree has increased dramatically since 1960.
C. The percent of workers with an advanced degree has increased dramatically since 1960.
D. The percent of workers without a high school degree has fallen dramatically since 1960.
E. All of the above statements are true.
Answer: E
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Raising taxes as an element of discretionary fiscal policy is intended to reduce aggregate demand, but it can also reduce aggregate supply if
a. the higher taxes lead workers to seek out a second job. b. the higher taxes cause workers to work less. c. the government purchases goods with the additional revenue. d. the government uses the additional revenue to retire some of the federal debt. e. the higher taxes cause people to save less.
In short-run profit maximization, businesses focus on the ______, holding fixed costs constant.
A. short-term production function B. long-term cost function C. average input cost D. short-term cost function
A favorable supply shock will cause
a. unemployment to rise and the short-run Phillips curve to shift right. b. unemployment to rise and the short-run Phillips curve to shift left. c. unemployment to fall and the short-run Phillips curve to shift right. d. unemployment to fall and the short-run Phillips curve to shift left.
Lower real interest rates in the United States (relative to foreign real interest rates) will lead to a(n) ________________ of the dollar and a ______________ shift of the U.S. SRAS curve
A) appreciation; rightward B) appreciation; leftward C) depreciation; rightward D) depreciation; leftward