Changes in ________ do not affect the level of aggregate supply in the long run
A) the number of workers in the economy B) the price level
C) the amount of accumulated capital equipment D) technology
B
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Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is TRUE?
A) The production function has decreasing returns to scale. B) The production function has increasing returns to scale. C) The production function has constant returns to scale. D) Returns to scale vary with the level of output.
What would happen to the equilibrium price and quantity of lattés if consumers' incomes rise and lattés are a normal good?
a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would increase, and the equilibrium quantity would decrease. d. The equilibrium price would decrease, and the equilibrium quantity would increase.
Opportunity cost can be best defined as
A. all sunk costs. B. the value of the best alternative given up when making a choice. C. the explicit cost of an activity. D. the cost of making one additional unit.
At a given real exchange rate, which of the following, by itself, would increase the supply of dollars in the market for foreign-currency exchange?
a. foreign citizens want to buy more U.S. bonds b. U.S. citizens want to buy more foreign bonds c. foreign citizens want to buy more U.S. goods d. U.S. citizens want to buy more foreign goods