Which of the following would shift the short-run aggregate supply curve to the right?
A. A reduction in the minimum wage
B. An increase in oil prices
C. A change in the law requiring overtime pay for anyone working more than 30 hours a week
D. An increase in payroll taxes
Answer: A
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Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
A. Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation. B. Winter is longer than summer, and price elasticity is lower over longer time horizons. C. Summer is longer than winter, and price elasticity is higher over longer time horizons. D. People take more vacations in the summer and so use less water at home.
If a country has a negative net capital outflow, then
a. on net it is purchasing assets from abroad. This adds to its demand for domestically generated loanable funds. b. on net it is purchasing assets from abroad. This subtracts from its demand for domestically generated loanable funds. c. on net other countries are purchasing assets from it. This adds to its demand for domestically generated loanable funds. d. on net other countries are purchasing assets from it. This subtracts from its demand for domestically generated loanable funds.
Which of the following must occur to sustain economic growth in the long run?
A) technological progress B) capital accumulation C) a higher saving rate D) all of the above
When real interest rates in other countries rise relative to that in the U.S., other things being equal, we would expect the U.S. dollar to:
A. Appreciate B. Depreciate C. Inflate D. Deflate