Which of the following is an example of a positive supply shock?
a. an unexpected labor strike
b. a major widespread forest fire
c. an unexpected price cut in imported oil
d. a decrease in the overall price level
c. an unexpected price cut in imported oil
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Profit is the factor price for ________
A) capital B) land C) entrepreneurship D) labor
Lower than expected inflation rate: a. shifts short-run Phillips curve to the right
b. shifts short-run Phillips curve to the left. c. shifts both short-run and long-run Phillips curve to the right. d. shifts both short-run and long-run Phillips curve to the left.
Which of the following is the best definition of "physical capital"?
a. the labor utilized in the production process b. man-made resources used to produce other goods c. natural resources in their original state d. the ownership of stock shares issued by a corporation
Many economists believe that the theory of purchasing-power parity describes the forces that determine exchange rates in the long run
a. True b. False Indicate whether the statement is true or false