The short-run aggregate supply curve will shift to the left if:
a. there is a significant increase in worker productivity.
b. workers on fixed-wage contracts expect higher inflation.
c. the price of raw materials decreases.
d. the price of capital goods rises.
e. wages fall in anticipation of higher prices.
d
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The real wage equals the nominal wage ________ the CPI, all times 100
A) plus B) divided by C) minus D) times
According to the graph shown, if this economy was to engage in free trade, the good would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. be imported.
B. be exported.
C. no longer be produced domestically.
D. not be imported or exported and only be produced domestically.
Which of the following policies supports the concept of continual adjustment of the money supply to achieve macroeconomic goals?
A. Restrictive policy. B. Fixed rules. C. Discretionary policy D. Fiscal policy.
The productivity curve is a relationship between
A) real GDP per hour of labor and capital per hour of labor, with technology held constant. B) capital per hour of labor and technological growth. C) nominal GDP per hour of labor and capital per hour of labor, with technology held constant. D) real GDP per unit of capital and capital per hour of labor, with technology held constant. E) real GDP per hour of labor and capital per hour of labor whenever technological growth occurs.