A long-run aggregate supply curve may graphically be represented as a A) vertical line. B) a downward sloping line. C) an upward sloping line. D) horizontal line. ANSWER A
Date: September 2nd, 2020
Which of the following statements is true? A) A worker who shirks work is not an economic agent. B) All economic agents are necessarily individuals. C) A government is an example of an economic agent. D) A street gang is not an economic agent. ANSWER C
Date: September 2nd, 2020
Labor productivity can be increased if A) the government mandates it. B) the standard of living declines. C) people spend less time developing skills before entering the workforce. D) there is an increase in capital goods. ANSWER D
Date: September 2nd, 2020
According to the classical theory, the aggregate supply curve is A) downward sloping. B) upward sloping. C) vertical. D) horizontal. ANSWER C
Date: September 2nd, 2020
Economic growth is represented on the aggregate supply model by a A) shift in the short-run aggregate supply curve to the left. B) shift in the long-run aggregate supply curve to the left. C) shift in the long-run aggregate supply curve to the right. D) shift in the short-run aggregate supply curve to the right. […]
Date: September 2nd, 2020
According to classical theory, total employment and real Gross Domestic Product (GDP) are A) inversely related. B) negatively related. C) positively related. D) unrelated. ANSWER C
Date: September 2nd, 2020
Which of the following is considered investment? A) Johnny buys a new car for his wife as an anniversary gift. B) James purchases a new car to replace an old car in his cab business. C) Maina purchases a new car for commuting to and from work. D) Jane purchases a new car for commuting […]
Date: September 2nd, 2020
In the classical model, the aggregate supply curve is A) horizontal. B) vertical. C) upward sloping. D) downward sloping. ANSWER B
Date: September 2nd, 2020
Economic growth can be shown by A) a rightward shift in the aggregate supply curve. B) a leftward shift in the aggregate supply curve. C) a leftward shift in the production possibilities curve. D) no change in the aggregate supply curve. ANSWER A
Date: September 2nd, 2020
Labor productivity measures A) the growth of real output. B) real output per labor hour. C) the growth in the quantity of labor. D) the growth of per capita real GDP. ANSWER B
Date: September 2nd, 2020
