Over the past five decades, the U.S. economy has become
a. more closed.
b. more open.
c. less trade-oriented.
d. more self-sufficient.
b
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Changes in aggregate spending not caused by changes in output or the inflation rate, also known as exogenous changes in spending, will shift the:
A. short-run aggregate supply curve. B. potential output line. C. aggregate demand curve. D. long-run aggregate supply curve.
Under perfectly competitive conditions, marginal revenue is
a. greater than average revenue. b. equal to average revenue. c. less than average revenue. d. equal to the average variable cost.
In general economic environments that correspond to higher levels of planned aggregate expenditure for a given level of Y have PAE curves that are:
A. higher on the expenditure diagram. B. lower on the expenditure diagram. C. at multiple points on the diagram. D. equivalent at point in the diagram.
A law that requires hairdressers to undergo many hours of training and acquire a license before they can offer haircuts to the public is an example of a
a. positive externality. b. natural monopoly. c. barrier to entry. d. public good.