Which of these is most likely to shift the long-run aggregate supply curve to the left?
a. An increase in the average workweek
b. An improvement in technology
c. A civil war
d. A decrease in aggregate demand
e. A decline in global oil prices
c
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Over the range of output for which the average product of labor curve is negatively sloped, the average variable cost curve is positively sloped
Indicate whether the statement is true or false
What is meant by the "vicious cycle of poverty," and what are some of the requirements needed to escape this cycle?
What will be an ideal response?
Figure 5-12
In Figure 5-12, the move in the consumer equilibrium from A to B shows that
a.
beer is an inferior good, but wine is a normal good.
b.
wine is an inferior good, but beer is a normal good.
c.
both beer and wine are normal goods.
d.
both beer and wine are inferior goods.
The disparity in child mortality rates between the Global North and the Global South
A. has been cut roughly in half in percentage terms. B. has more than tripled over the past 25 years. C. remains very high. D. has virtually disappeared.