question
A change in which of the following variables will cause a shift of the SRAS curve?
a. profit per unit at any given price level
b. commodity prices
c. nominal wages
d. productivity
e. all of the above
a. profit per unit at any given price level
b. commodity prices
c. nominal wages
d. productivity
e. all of the above
answer
e. all of the above
question
The long-run aggregate supply curve is...
a. vertical.
b. horizontal.
c. fixed.
d. negatively sloped.
e. positively sloped.
a. vertical.
b. horizontal.
c. fixed.
d. negatively sloped.
e. positively sloped.
answer
a. vertical.
question
The long-run aggregate supply curve shows...
a. the level of nominal wages.
b. the aggregate price level.
c. potential output.
d. real GDP.
E. productivity.
a. the level of nominal wages.
b. the aggregate price level.
c. potential output.
d. real GDP.
E. productivity.
answer
c. potential output.
question
A decrease in which of the following will cause the short-run aggregate supply curve to shift to the left?
a. commodity prices
b. the cost of health care insurance premiums paid by employers
c. nominal wages
d. productivity
e. the use of cost-of-living allowances in labor contracts
a. commodity prices
b. the cost of health care insurance premiums paid by employers
c. nominal wages
d. productivity
e. the use of cost-of-living allowances in labor contracts
answer
d. productivity
question
That employers are reluctant to decrease nominal wages during economic downturns and raise nominal wages during economic expansions leads nominal wages to be described as
a. long-run.
b. unyielding.
c. flexible.
d. real.
e. sticky.
a. long-run.
b. unyielding.
c. flexible.
d. real.
e. sticky.
answer
e. sticky.
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