The aggregate supply curve slopes
A. downward because firms can sell more at lower prices.
B. downward because firms can hire more workers at lower prices.
C. upward because firms want to hire more workers at higher wage levels.
D. upward because firms can hire workers at fixed wages for short-run periods.
Answer: D
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the size of statistical errors. A) least-squares trend analysis B) compound growth rate C) visual trend-fitting D) expert opinion
The top 5 percent of health care users in the United States account for
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a. shifted the short-run and long-run Phillips curves left. b. shifted the short-run, but not the long-run Phillips curve left. c. shifted the long-run, but not the short-run Phillips curve left. d. None of the above is correct.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 The opportunity cost of making a calculator for Smith is ________ and for Jones it is ________.
A. 0.6 computers; 1.2 computers B. 1 computer; 0.5 computers C. 10 computers; 20 computers D. 0.10 computers; 0.05 computers