Economies of scale are created by greater efficiency of capital and by
A) longer chains of command in management.
B) better wages for labor.
C) smaller plant sizes.
D) increased specialization of labor.
D
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Which of the following shifts the aggregate supply curve rightward?
A) increase in real GDP B) increase in the money price of oil C) increase in the money wage rate D) increase in potential GDP E) increase in consumers' incomes
Refer to Figure 11-1. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) C to A. B) A to B. C) B to A. D) B to C.
Where does the short-run Phillips curve intersect the long-run Phillips curve?
A) at the point where actual inflation is equal to expected inflation B) at the point where the rate of inflation and the unemployment rate are equal C) at the natural rate of inflation D) There is no intersection between the short-run and long-run Phillips curves.
A country that shows a deficit in its financial account is a net creditor to the rest of the world
a. True b. False Indicate whether the statement is true or false