B the aggregate supply curve shifts left the

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b. The aggregate supply curve shifts left; the aggregate demand curve is not affected; price level increases; real GDP decreases. c. The aggregate demand curve shifts right; the aggregate supply curve is not affected; price level and real GDP increase. d. The aggregate demand curve shifts left; the aggregate supply curve is not affected; price level and real GDP decrease. Feedback The correct answer is: The aggregate demand curve shifts right; the aggregate supply curve is not affected; price level and real GDP increase. Question 2 Incorrect Mark 0.00 out of 1.00 Flag question Question text The largest component of factor income is: Select one: a. rental income. b. profits. c. employee compensation.
d. consumption. Feedback The correct answer is: employee compensation. Question 3 Incorrect Mark 0.00 out of 1.00 Flag question Question text In this exhibit (Simultaneous Shifts in Demand and Supply), D 1 and S 1 are original supply and demand curves, and S 2 and D 2 are new curves. In this market, the change in supply may have resulted from: Select one: a. wage increases for the workers. b. an improvement in technology.
c. a decrease in the number of sellers. d. all of the above. Feedback The correct answer is: an improvement in technology. Question 4 Incorrect Mark 0.00 out of 1.00 Flag question Question text Potential output is: Select one: a. the level of real GDP that exists when the economy is experiencing only cyclical and structural unemployment. b. the level of real GDP that exists when the quantity of labor supplied is equal to the quantity of labor demanded. c. the level of real GDP that exists when the actual rate of unemployment is zero. d. the level of real GDP that exists when the economy is experiencing only frictional and cyclical unemployment. Feedback The correct answer is: the level of real GDP that exists when the quantity of labor supplied is equal to the quantity of labor demanded. Question 5 Correct Mark 1.00 out of 1.00
Flag question Question text The economic way of thinking includes: Select one: a. attention paid to the opportunity costs involved in any choice. b. the assumption that individuals choose to average out some objective. c. concern with the biological make up of decision makers. d. emphasis on how choices affect total values rather than marginal values. Feedback The correct answer is: attention paid to the opportunity costs involved in any choice. Question 6 Incorrect Mark 0.00 out of 1.00 Flag question Question text The current rate of unemployment of 5 percent is too high. This is a _______ statement. Select one: a. normative b. ceteris paribus
c. positive d. fallacy of false cause Feedback The correct answer is: normative Question 7 Incorrect Mark 0.00 out of 1.00 Flag question Question text All of the following are sources of economic growth except: Select one: a. increases in human capital.

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