The extremely high salaries of professional football players taken first in the draft are mostly associated with ___________.
Fill in the blank(s) with the appropriate word(s).
economic rent
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Which of the following statements is true?
A) The long-run aggregate supply (LRAS) curve shows the Real GDP the economy is prepared to supply at different price levels, assuming wage rates and all other resource prices have fully adjusted to eliminate a recessionary or inflationary gap. B) Laissez-faire is a government policy of raising aggregate demand in order to eliminate a recessionary gap. C) An economy can operate beyond its physical PPF, but not beyond its institutional PPF. D) If the economy is self-regulating, it is always in long-run equilibrium. E) a and c
Refer to the information for this hypothetical economy provided in Table 20.2 below to answer the question(s) that follow.Table 20.2 2014 2015 2016QuarterIIIIIIIVIIIIIIIVIIIIIIIVOutput98949010210510811010397949090Refer to Table 20.2. In this economy, an expansion existed around the
A. third quarter of 2014 to the third quarter of 2015. B. first quarter of 2016 to the fourth quarter of 2016. C. fourth quarter of 2014 to the fourth quarter of 2015. D. first quarter of 2015 to the first quarter of 2016.
Expansionary monetary policy is designed to stimulate the economy by increasing the money supply, but not create much inflationary pressure
Indicate whether the statement is true or false
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could not make would be:
A. (300 iPods, 500 tablets). B. (400 iPods, 250 tablets). C. (200 iPods, 750 tablets). D. (100 iPods, 1,000 tablets).