All items below will decrease short-run aggregate supply EXCEPT
A) a decrease in labor supply. B) a decrease in training and education.
C) a decrease in the marginal tax rates. D) an increase in the prices of inputs.
C
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All of the following are true statements about the multiplier except
A) The formula for the multiplier overstates the real world multiplier when we take into account the impact of changes in GDP on imports, inflation and the interest rate. B) The larger the MPC, the larger the multiplier. C) The multiplier is the ratio of the change in real GDP to the change in autonomous expenditure. D) The multiplier makes the economy less sensitive to changes in autonomous expenditure.
All of the following are social insurance programs designed to attack poverty EXCEPT
A) Social Security. B) temporary assistance to needy families. C) food stamps. D) tuition assistance.
In the 17th century, the Middle colonies:
a. primarily produced crops using slaves on large plantations. b. primarily produced crops that are associated with large economies of scale. c. exported large amounts of wheat and flour to the West Indies. d. are often referred to as "a mercantilist's dream.".
The term minimum efficient scale refers to:
a. the output corresponding to the minimum point of the short-run average-total-cost curve. b. the total of all efficient points along the long-run average-cost curve. c. the output corresponding to the highest point of the short-run average-total-cost curve. d. the minimum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the lowest. e. the maximum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the highest.