A rise in the money wage rate shifts the
A) AD curve rightward.
B) AD curve leftward.
C) AS curve rightward.
D) AS curve leftward.
E) potential GDP curve rightward.
D
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The assumption of diminishing marginal rate of substitution means that
A) the budget line has a negative slope. B) the budget line does not shift when people's preferences change. C) indifference curves might have a positive slope. D) indifference curves will be concave.
Gross domestic product is calculated by summing up
A) the total market value of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total quantity of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a period of time.