The quantity of labor supplied is dependent on the size of the working population and the wage rate
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the above figure. Suppose the original long-run equilibrium was at point B. What could have caused the move to the current equilibrium?
A) Aggregate demand must have decreased. B) Input prices must have increased, causing long-run aggregate supply to increase. C) Decreases in the price level caused short-run aggregate supply to fall. D) A temporary reduction in production due to bad weather.
In general, a fine on smoking cigarettes shifts the ________ curve of cigarettes ________
A) supply; rightward B) supply; leftward C) demand; rightward D) demand; leftward
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals two. If coffee and tea sell for the same price, Johnny will
A) spend all $30 on tea. B) spend all $30 on coffee. C) spend $20 on coffee and $10 on tea. D) be indifferent between any bundle of coffee and tea costing $30.
A one-percent increase in the rate of inflation in an economy can increase the value of the GDP deflator of the economy by 10
a. True b. False Indicate whether the statement is true or false