Consumption is a flow measure.
Answer the following statement true (T) or false (F)
True
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The figure above shows the market for coffee. If the efficient quantity of coffee is produced, the producer surplus is
A) $10 million. B) $20 million. C) $60 million. D) zero.
An import quota is
A) a quantity restriction. B) a price ceiling. C) a price floor. D) something imposed on agricultural goods grown by American farmers.
The historical rise in living standards of American workers is primarily a result of
a. the influence of labor unions in America. b. tariff protection imposed by the American government. c. the enactment of minimum-wage laws in America. d. the rise in American productivity.