Refer to Figure 24-2. Ceteris paribus, a decrease in productivity would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
B
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Marginal revenue product is the
A. additional revenue from one additional dollar increase in price. B. change in the revenue product resulting from one additional unit of input. C. additional revenue from one additional unit of input. D. change in revenue resulting in one additional dollar in price.
Other things equal, the supply of labor will be lower to a job that
a. offers more prestige b. offers valuable on-the-job training c. requires advanced skills or education d. provides a climate-controlled work environment e. allows for flexible work schedules
Which of the following is true of price changes in currencies under the fixed-rate system?
a. Frequent occurrence b. Low magnitude c. Infrequent, but high magnitude d. Frequent, but low magnitude
Which of the following will increase economic freedom?
a. subsidies and regulations that favor business b. high tariff rates c. high marginal tax rates d. protection of persons and their property from aggression