The long-run aggregate supply curve represents:
A. potential output in the economy.
B. the level of output possible if the economy is operating at full capacity.
C. a production function for the entire economy.
D. All of these are true.
D. All of these are true.
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Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate
a. True b. False Indicate whether the statement is true or false
In order to pay foreigners interest on the debt, the United States must:
A. export more than it imports. B. import more than it exports. C. reduce imports and exports by the same amount. D. increase imports and exports by the same amount.
Refer to the figure. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. If the left graph represents the demand during weekdays and the right graph the weekend demand, this profit-maximizing golf course should:
A. charge $9 for each round, regardless of the day of the week.
B. charge $7 for each round, regardless of the day of the week.
C. charge $7 for each round on weekdays and $10 during the weekend.
D. charge $9 for each round on weekdays and $10 during the weekend.
The above figure depicts a
A) positive non-linear relationship between age and the number of hamburgers purchased per year. B) negative non-linear relationship between age and the number of hamburgers purchased per year. C) positive linear relationship between age and the number of hamburgers purchased per year. D) negative linear relationship between age and the number of hamburgers purchased per year.