What has caused persistent inflation in the United States?
A. a decrease in labor productivity
B. The nation's long-run aggregate supply curve has shifted to the left.
C. supply-side inflation
D. none of these
Answer: D
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In a closed economy, the impact to aggregate demand from a decrease in fiscal spending is
A) a shift to the left. B) zero. C) a shift to the right. D) reversed by changes in the exchange rate.
A production indifference curve describes the input combinations that will produce a given output.
Answer the following statement true (T) or false (F)
Quantitative evidence from Fishlow, Fogel and Mercer indicates that
a. antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. b. post-bellum transcontinentals were built ahead of demand, but antebellum railroads were not. c. both antebellum railroads and post-bellum railroads were built ahead of demand. d. antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.
The Economic Report of the President is prepared by: a. the President
b. Congress. c. the Office of Management and Budget. d. the Council of Economic Advisers. e. the Secretary of the Treasury.