A change in the full-employment quantity of labor ________ the short-run aggregate supply curve and ________ the long-run aggregate supply curve
A) shifts; shifts
B) shifts; does not shift
C) does not shift; shifts
D) does not shift; does not shift
A
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According to the U.S. Secret Service, approximately $2.6 billion of U.S. paper currency in circulation is counterfeit. Undetected counterfeit U.S. currency being held by the public both at home and abroad will impact the level of
A) M1. B) the money multiplier. C) the reserve ratio. D) commodity money.
Ariel is a Canadian citizen who works in Montreal, Canada and owns a winter home in Palm Beach, Florida. When Ariel spends the winters in Palm Beach, an increase in the value of the Canadian dollar relative to the U.S. dollar should
A) hurt Ariel as it is now more expensive to live in Palm Beach since the Canadian dollar appreciation. B) help Ariel as each Canadian dollar of her salary is now worth more U.S. dollars. C) hurt Ariel as each Canadian dollar of her salary is now worth less U.S. dollars. D) help Ariel as it is now less expensive to live in Canada since the Canadian dollar appreciation.
The term "price setter" refers to a firm that faces a downward-sloping demand curve and must therefore set the combination of output and price that will maximize the firm's profits
Indicate whether the statement is true or false
Which of the following is NOT an assumption used in deriving a production possibilities curve?
A) The labor force is growing at a constant rate. B) Resources are fully employed. C) Technology is constant. D) The quantity of resources is constant.