Graphically an increase in the short-run aggregate supply line represents a(n) ________, and a shift leftward of the long-run aggregate supply line represents a(n) ________.
A. shock to potential output; adverse inflation shock
B. shock to potential output; favorable inflation shock
C. favorable inflation shock; shock to potential output
D. adverse inflation shock; shock to potential output
Answer: D
Economics
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Which of the following is NOT included using the transactions approach to measuring the money supply (M1)?
A) certificates of deposit B) traveler's checks C) currency D) transaction deposits
Economics
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An accountant would calculate the total cost for one birdhouse to be
a. $5. b. $8. c. $9. d. $13.
Economics