All of the following will shift the short-run aggregate supply (SRAS) curve EXCEPT
A. a change in the price of labor.
B. technological progress.
C. a change in the price level.
D. a change in the prices of raw materials.
Answer: C
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The value of commodity money: a. fluctuates because its value is compared with the price of the commodity in international markets. b. fluctuates because its base commodity market value is flexible
c. remains stable because a particular commodity always yields the same level of utility. d. remains constant because the production of the commodity used as money is restricted to limited hands.
If the nominal deficit is $100 billion, inflation is 10 percent, and total debt is $2 trillion, then the real deficit is:
A. ?$20 billion (a surplus). B. $100 billion. C. $20 billion. D. ?$100 billion (a surplus).
If Joe withdraws a $100 bill from his checking account and Jack deposits another $100 bill in his savings account, by how will M1 and M2 change?
A) M1 will decrease, but M2 will remain the same. B) M1 will increase, and M2 will increase. C) M2 will decrease by $100. D) Both M1 and M2 will remain the same. E) M1 will remain the same, and M2 will increase.
In 1991, the French mineral water Perrier was temporarily taken off the market in the United States because of suspected impurities. Other things equal, this action brought about:
a. an increase in the demand for Perrier. b. a decrease in the price of Perrier in terms of French francs. c. a depreciation of the French franc relative to the U.S. dollar. d. an appreciation of the French franc relative to the U.S. dollar. e. an increase in the supply of dollars in the foreign exchange market.