Which firm has higher marginal costs?
a. Jim's Production
b. Competitor's production
c. They both have the same fixed costs
d. Need more information
b
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Which of the following is likely to happen when the Fed raises the federal funds rate?
A) The long-run interest rate will fall. B) The labor demand curve shifts to the left. C) The volume of economic activity will increase. D) The labor demand curve shifts to the right.
Changes in which of the following shifts the aggregate supply curve? i. the price level ii. the money wage rate iii. potential GDP
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
The new classical explanation of aggregate supply is also known as
A) Monetarism. B) Keynesianism. C) the misperception theory. D) the adaptive expectations theory.
It is possible for an economy to become more productive and per-capita output to increase if:
A. new ideas are generated. B. inventions are developed. C. technology is improved. D. All of these