If full-employment GDP is equal to $4.2 trillion, what does the long-run aggregate supply curve look like?
A) It is a vertical line at a level of GDP above $4.2 trillion.
B) It is a vertical line at $4.2 trillion of GDP.
C) It is a horizontal line at $4.2 trillion of GDP.
D) It is a vertical line at a level of GDP below $4.2 trillion.
B
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Suppose the market for hospital outpatient treatment is in equilibrium when a price ceiling is set below the equilibrium price. What do you expect to happen?
a. A surplus will develop. b. A shortage will develop. c. Quantity demanded will decrease. d. The number of outpatient visits will rise. e. The demand for outpatient procedures will fall.
Other things the same, if a country has a trade deficit and saving rises,
a. net capital outflow rises, so the trade deficit increases. b. net capital outflow rises, so the trade deficit decreases. c. net capital outflow falls, so the trade deficit increases. d. net capital outflow falls, so the trade deficit decreases.
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited. B. examples of negative externalities. C. public goods. D. food and other necessities.
Which nations make up the G8?
What will be an ideal response?