Human capital is associated with
a. a doctor charging lower-income patients less
b. a doctor paying rent for the office
c. a doctor's stethoscope
d. a doctor's knowledge of political events
e. a doctor's skills in the operating room
E
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What is discretionary fiscal policy and what is its purpose?
What will be an ideal response?
New Keynesian inflation dynamics predicts that an increase in aggregate demand will generate, in chronological order
A) a rightward movement along a horizontal short-run aggregate supply curve, a short-run increase in real GDP, an upward shift in the short-run aggregate supply curve, and an increase in the price level. B) a leftward movement along a horizontal short-run aggregate supply curve, a short-run decline in real GDP, a downward shift in the short-run aggregate supply curve, and a decrease in the price level. C) an leftward shift in a vertical short-run aggregate supply curve, a short-run decline in real GDP, an upward movement along the short-run aggregate supply curve, and an increase in the price level. D) a rightward shift in a vertical short-run aggregate supply curve, a short-run increase in real GDP, an upward movement along the short-run aggregate supply curve, and an increase in the price level.
President Bigego is running for re-election against Senator Pander. Bigego proclaims that more people are working now than when he took office. Pander says that the unemployment rate is higher now than when Bigego took office. You conclude that
a. one of them must be lying. b. both of them could be telling the truth if the labor force, and employment grew at the same rate. c. both of them could be telling the truth if the labor force grew slower than employment. d. both of them could be telling the truth if the labor force grew faster than employment.
If an individual's utility from consuming two goods increases, then there must be
A. in inward shift of the individual's indifference curve. B. an outward shift of the individual's indifference curve. C. a downward rotation of the individual's indifference curve. D. an inward rotation of the individual's indifference curve.