The position of the long-run aggregate supply curve is determined by the ______.
a. maximum price level in the economy
b. short-run aggregate supply curve
c. natural rate of real output
d. long-run aggregate demand curve
c. natural rate of real output
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Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line. B) a straight, downward-sloping line. C) a horizontal line. D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
The brain drain refers to the effects of Dutch Disease when the infection spreads to other countries
Indicate whether the statement is true or false
Milton Friedman in his book on consumption function, discussed the importance of _____, rather than _____, to understand consumer spending
a. savings; expenditure b. permanent income; current income c. money supply; real output d. wages; savings e. real output; prices
Mark is an 86-year-old watchmaker who works ten hours a week to supplement his retirement income. In determining the U.S. unemployment rate, Mark would be considered
a. employed b. unemployed c. an involuntary part-time worker d. not in the labor force e. a discouraged worker