The long-run market supply curve for an increasing-cost, perfectly competitive industry
a. is horizontal
b. slopes upward
c. is the portion of its marginal cost curve above the minimum point on its average variable cost curve
d. is the portion of its marginal cost curve above the minimum point on its average total cost curve
e. is vertical
B
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Why is a dollar today more valuable than a dollar a year from now?
A) The unknown future is riskier than the known present. B) The dollar today can be immediately used to buy something. C) A dollar a year from now will likely have less purchasing power because of inflation. D) all of the above
The GDP gap is the difference between:
a. frictional unemployment and actual real GDP. b. unemployment rate and real GDP deflator. c. actual real GDP and full-employment real GDP . d. full-employment real GDP and real GDP deflator.
Credit cards are regularly used in economic exchanges, so credit card balances are included in the definition of money.
Answer the following statement true (T) or false (F)
The government imposes a price ceiling on gasoline that is below the market price. You are asked to suggest a rationing scheme that will minimize the misallocation of resources. You suggest
A. using rationing coupons that cannot be resold. B. using rationing coupons that can be resold. C. using rationing only on weekdays. D. using rationing on a first-come, first-served basis.