In recent years, tariff rates have declined in the United States, China, and India
Indicate whether the statement is true or false
True
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The economy is in long-run equilibrium only when the short run aggregate supply curve intersects the aggregate demand curve along the long run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
According to Keynesian economists, the aggregate supply curve is
a. horizontal b. vertical c. vertical at low levels of output and horizontal at high levels of output d. horizontal at low levels of output and vertical at high levels of output e. upward sloping
A freeze in Florida's orange growing regions will:
A result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic. B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic. C result in little change in the price of oranges in the short run because supply is infinitely elastic. D result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
I get $200 revenue from the sale of my product each day. I rent the factory that I use for $90 a day. The raw materials of the operation cost $115 a day. I do all the work myself. Both jobs are equally attractive as far as the work is concerned. Recently, a competitor offered me $30 a day to work for him. My accounting profit is ________, and my economic profit is ________.
A. -35; -35 B. 110; -30 C. 25; -5 D. -5; -35