Which of the following would tell us that resources are NOT flowing to their highest valued uses?
A) short-run economic profits
B) short-run economic losses
C) long-run economic profits
D) Some firms are just breaking even.
Answer: C
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What are the main influences on the elasticity of supply that make the supply of some goods elastic and the supply of other goods inelastic?
What will be an ideal response?
In the aggregate demand-aggregate supply model, the short-run effects of an unanticipated increase in the money supply will be
a. lower real interest rates and an increase in aggregate demand. b. higher real interest rates and an increase in aggregate demand. c. lower real interest rates and a reduction in aggregate demand. d. higher real interest rates and a reduction in aggregate demand.
Which of the following goods are not likely to be sold in monopolistically competitive markets?
a. jeans b. books c. tap water d. clocks
Structural unemployment is increased when the wage is kept above the market-clearing wage by:
A. worker mobility. B. skill-biased technological change. C. labor unions. D. unemployment insurance.