All of the following shift the short-run aggregate supply curve except
A. a change in the price of oil.
B. a change in wages as a result of a labor strike.
C. a change in the price of raw material.
D. a change in the price level.
Answer: D
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A gold sale by the U.S. Treasury
A) reduces bank reserves. B) increases bank reserves. C) increases Federal Reserve assets. D) leaves bank reserves unaffected.
Which of the following statements about the percent of the population aged 25 and over completing high school is most accurate?
a. Between 1940 and 2000, the rate for blacks increased substantially while the rate for whites remained the same. b. Between 1940 and 1960, whites, blacks, and Hispanics experienced large decreases in completion rates, and experienced large increases after 1960. c. Between 1980 and 2000, the rate for Hispanics dropped significantly while the rates for whites and blacks increased. d. Between 1940 and 2000, the rate for whites increased about 3 times and the rate for blacks increased about 10 times.
During World War II, the economic recession that reduced equilibrium income below potential income in most European countries:
A. eliminated any structural deficit. B. increased the structural deficit. C. eliminated any cyclical deficit. D. increased the cyclical deficit.
Assume you pay a tax of $4,000 on a taxable income of $24,000. If your taxable income were $30,000, your tax payment would be $5,000. This suggests that the tax is:
A. progressive. B. proportional. C. regressive. D. discriminatory.