The SAS curve shifts if there is a change in
A) the price level.
B) real GDP.
C) nominal GDP.
D) potential GDP.
D
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To what do economists attribute the rapid growth of labor productivity in the United States relative to other countries?
A) the flexibility of U.S. labor markets and the efficiency of the U.S. financial system B) the high level of unemployment benefits the United States pays relative to other countries like Canada C) the strict government rules in the United States that regulate a firm's ability to hire and fire workers D) the low rate of job mobility in the United States
The corporate income tax in the United States
A) excludes dividends paid out. B) only taxes retained earnings. C) results in individuals' being doubly taxed on corporate earnings. D) does not apply to profits earned on exports.
Suppose a lazy monopolist's fixed costs are higher than the fixed costs of an efficient monopolist. In all other respects the monopolists are the same. Which of the following statements about this lazy monopolist is true?
A. It produces less than does the monopolist producing efficiently. B. Its total profit is lower than that of the monopolist producing efficiently. C. Its total profit is the same as that of the monopolist producing efficiently. D. Its total revenue is less than that of the monopolist producing efficiently.
What is the main difference between economic regulation and social regulation?
What will be an ideal response?