Refer to Figure 11-1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to double its support of university research, this would cause a movement from
A) B to A. B) B to C. C) A to B. D) D to C.
B
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How would a negative real shock be represented in the AS/AD model?
A. As a leftward shift of the long-run aggregate supply curve that reduces growth and increases inflation. B. As a rightward shift of the long-run aggregate supply curve that reduces growth and increases inflation. C. As a leftward shift of the long-run aggregate supply curve that increases growth and reduces inflation. D. As a rightward shift of the long-run aggregate supply curve that increases growth and reduces inflation.
Many people have bemoaned the fact that hand-written personal letters have become largely a thing of the past
They have also noted that the number of emails they receive have increased quite dramatically and can hardly be compared to the volume of letters that they used to receive by mail. Explain in terms of opportunity cost why this might be the case. Explain why junk email is probably more of a problem than traditional junk mail delivered to our mail box.