If the price level is assumed to be fixed, which of the following is true?
a. Real and nominal variable changes must be distinguished.
b. The economy is at full employment.
c. Changes in nominal income equal changes in real income.
d. The economy is at equilibrium.
c. Changes in nominal income equal changes in real income.
You might also like to view...
How are the following events likely to affect an economy's production possibilities curve?
a. An increase in the working population of the economy b. The import of better production technology c. A natural disaster that destroys some of the economy's resources d. Emigration of workers to other countries
Which of the following economic theories share(s) the noninterventionist policy conclusions of the original classical theory?
a. The Keynesian theory b. The monetarist theory c. The new classicist theory d. Both b and c e. All of the above
According to the graph shown, if Q2 units are being produced, this monopolist:
This graph shows the cost and revenue curves faced by a monopoly.
A. is earning negative profits.
B. should cut back production to increase profits.
C. is maximizing revenue.
D. is maximizing profits.
Regulatory commissions often set a(n) ____ for a regulated business
A) economic profit. B) fair rate of return. C) overhead charge. D) entry barrier.