A productivity decrease would be illustrated by a shift in the production function
a. downward.
b. leftward.
c. upward.
d. rightward.
a
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Which one of the following statements best describes a price ceiling?
a. A price ceiling causes demand to change. b. A price ceiling causes supply to change. c. A price ceiling keeps a price from rising above a certain level. d. A price ceiling keeps a price from falling below a certain level.
The labor-force participation rate of a country is 20%. The number of employed and unemployed people are 50 million and 20 million, respectively. The adult population of the country is _____
a. 70 million b. 120 million c. 450 million d. 350 million
Which of the following is true of the shape of the short-run Phillips curve? a. It is vertical
b. It is horizontal. c. It is downward sloping. d. It is upward sloping.
Even stable and predictable inflation can cause which of the following?
a. shoe leather b. menu cost c. tax distortions d. All of the above