Which of the following would not shift the aggregate supply curve?
A. An increase in labor productivity.
B. A decline in the price of imported oil.
C. A decline in business taxes.
D. An increase in the price level.
D. An increase in the price level.
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Given the information in Figure 14.4, the competitive wage rate is:
A) W1. B) W2. C) W3. D) W4. E) none of the above
If the demand curve for a product is horizontal, then
A) the demand for the product is perfectly inelastic. B) the demand for the product is perfectly elastic. C) only a certain amount of the product will be consumed regardless of price. D) the price elasticity of the product approaches zero.
Dissaving occurs when:
a. disposable income is greater than consumption. b. consumption is greater than disposable income. c. consumption is equal to disposable income. d. consumption is greater than personal income. e. consumption is less than personal income.
In this graph, in order for contractionary policy to put equilibrium on the LRAS curve, ______.
a. price level and output must decrease
b. price level must decrease, and output must increase
c. price level and output must increase
d. price level must increase, and output must decrease