For the short-run Phillips curve to remain relatively stable, then changes in real GDP must occur primarily as a result of shifts in:
a. changes in aggregate demand
b. changes in real wages caused by changes in the supply of labor.
c. changes in inflationary expectations.
d. changes in aggregate supply.
a
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Samantha goes to college to become an engineer. This is an example of an
A) investment in physical capital. B) investment in human capital. C) increase in entrepreneurship D) increase in labor.
The study of economics
A) focuses mainly on individual consumers. B) arises from the fact that our wants exceed available resources. C) recognizes that scarcity does not affect rich nations. D) deals mainly with microeconomics.
For each size of plant a manufacturer could build, there is a different
a. long-run average fixed cost curve b. long-run average variable cost curve c. short-run average total cost curve d. long-run average total cost curve e. long-run marginal cost curve
Other things the same, if a country saves more, then
a. net capital outflow rises, so net exports rise. b. net capital outflow rises, so net exports fall. c. net capital outflow falls, so net exports rise. d. net capital outflow falls, so net exports fall.