Changes in which of the following will not cause the SRAS curve to shift?
A) the wage rate
B) prices of nonlabor inputs
C) the price level
D) productivity
E) All of the above will cause the SRAS curve to shift.
C
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A constant-cost industry is one in which
A. the long-run supply curve is upward sloping. B. the long-run supply curve is perfectly inelastic. C. the long-run supply curve is downward sloping. D. the long-run supply curve is perfectly elastic.
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
a. The flu shot is cheaper than the cost of treatment when you get the flu. b. The income of doctors increases when you get the flu shot. c. The flu shot reduces the likelihood others will catch the flu. d. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.
Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York, Hawaii, and Alaska b. South Carolina, North Carolina, and Mississippi c. Arkansas, North Carolina, and Texas d. California, Florida, and Georgia
The assumption we usually make about all firms is that they wish to
A. maximize profits. B. maximize market share. C. maximize sales. D. minimize costs.