If a perfect competitor is just breaking even it most likely is operating in _______________.
Fill in the blank(s) with the appropriate word(s).
the long run
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If there are approximately 8,000 barrels of known reserves of oil, annual consumption of oil is 500 barrels,
and it is estimated that the supply of oil will be depleted in 30 years, how many barrels of unknown reserves of oil are there estimated to be, all else equal? A) 1,333 B) 7,000 C) 12,000 D) 48,000
Refer to Table 19-17. What is nominal GDP in 2011?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Using the standard 45-degree line diagram, how does an increase in investment spending effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
Most economists believe that classical macroeconomic theory is a good description of the economy
a. in neither the short nor long run. b. in the short run and in the long run. c. in the short run, but not in the long run. d. in the long run, but not in the short run.