The short run is a period of time
a. less than one year
b. greater than one year
c. during which all resources are variable
d. during which at least one resource is fixed
e. during which at least one resource is variable
D
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What are the strengths and weaknesses of the negative income tax (NIT) as an alternative to traditional welfare programs?
What will be an ideal response?
If the dollar appreciates, how will aggregate demand in the United States be affected?
A) Aggregate demand will shift to the right as exports increase. B) Aggregate demand will shift to the right as imports increase. C) Aggregate demand will shift to the left as exports increase. D) Aggregate demand will shift to the left as imports increase.
A factor of production that has been produced for use in the production of other goods and services is:
A) labor. B) money. C) capital. D) natural resources.
Exhibit 10-4 Aggregate supply and demand curves
The increase in the price level as the economy moves from E1 to E2 in Exhibit 10-4 represents:
A. cost-push inflation. B. demand-shock inflation. C. wage push inflation. D. demand-pull inflation.