Which of the following statements accurately describes the economy with an inflationary gap?
a. SRAS intercepts AD3 at ESR.
b. RGDP3 is less than RGDPNR.
c. SRAS intercepts LRAS at ESR.
d. ESR occurs along LRAS.
a. SRAS intercepts AD3 at ESR.
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At the profit-maximizing level of output, marginal profit
A) is also maximized. B) is zero. C) is positive. D) is increasing. E) may be positive, negative or zero.
A small adjustment in a choice is called
A. a marginal change. B. an incremental change. C. a positive change. D. a net change.
Which of the following is likely to have the most inelastic price elasticity of demand?
A. Automobiles. B. Pickup trucks. C. The Hondas one Honda dealer sells. D. Hondas.
The World Bank estimates that? _______ of the? world's people live on less than? $1.50 per day.
Fill in the blank(s) with the appropriate word(s).