How did the entry of women and baby boomers into the U.S. labor force during the 1960s affect the nation’s short-run aggregate supply (SRAS) curve and long-run aggregate supply (LRAS) curve?
a. The SRAS curve and LRAS curve both shifted to the left.
b. The SRAS curve shifted rightward, and the LRAS curve shifted leftward.
c. The SRAS curve shifted leftward, and the LRAS curve shifted rightward.
d. The SRAS curve and LRAS curve both shifted to the right.
d. The SRAS curve and LRAS curve both shifted to the right.
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If a perfectly competitive industry is taken over by a single firm that operates as a single-price monopoly, the price will ________ and the quantity will ________
A) fall; decrease B) fall; increase C) rise; decrease D) rise; increase E) not change; decrease
Refer to Figure 23-1. At point J in the figure above, which of the following is true?
A) The economy has achieved macroeconomic equilibrium. B) Actual inventories are less than planned inventories. C) GDP will be decreasing. D) Aggregate expenditure is less than GDP.
The IS curve has a positive slope because a(n) __________ in the interest rate leads to a(n) __________ in desired investment and this leads to a decrease in GDP
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Which of the following would be counted as investment in the national income accounts?
A. The purchase of a newly issued stock B. The purchase of a newly built apartment house C. The purchase of a newly minted coin D. The payment of tuition at a private college