What will increase long-run aggregate supply?
What will be an ideal response?
an advance in technology
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Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Bora Bora?
A) 2/3 of a gallon of milk B) 0.9 gallons of milk C) 1 1/3 gallons of milk D) 1.5 gallons of milk
Funds held in ________ are subject to reserve requirements
A) all checkable deposits B) all checkable and time deposits C) all checkable, time, and money market fund deposits D) all time deposits
Which of the following best describes rule utilitarianism?
a. a person considers an action independently of a situation and determines whether it is more often moral or immoral to determine how to classify it in all situations b. a person who considers a situation and decides upon the easiest course of action c. a person who considers an action and determines whether it would end favorably for them d. a person examines a situation, considers all possible actions they could take and decides which one would end most favorably for all involved
A competitive equilibrium is described by
A) a price only. B) a quantity only. C) the excess supply minus the excess demand. D) a constant price and a quantity.