According to classical economists, the aggregate supply curve is
a. vertical in both the long run and the short run.
b. vertical only in the long run.
c. vertical only in the short run.
d. horizontal in the short run.
a. vertical in both the long run and the short run.
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Ball found that an important factor affecting the sacrifice ratio is
A) the flexibility of the labor market. B) the shape of the yield curve. C) the real interest rate. D) the tightness of fiscal policy.
If you are running a winery and you need one bottle for every 750ml of wine, then your production function
A) is inefficient. B) is considered "fixed-proportion." C) will have a diminishing marginal rate of technical substitution. D) has downward-sloping, straight line isoquants.
According to classical economics:
a. real GDP is determined by aggregate demand, while the equilibrium price level is determined by aggregate supply. b. both real GDP and price level are determined by aggregate demand. c. both real GDP and price level are determined by aggregate supply. d. real GDP is determined by aggregate supply, while the equilibrium price level is determined by aggregate demand. e. price level cannot be changed as prices and wages are perfectly rigid.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.