When the long-run aggregate supply curve shifts right, it represents:
A. an unemployment rate of zero.
B. economic growth.
C. pushing our economy beyond normal capacity.
D. negative inflation.
Answer: B
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The price elasticity of demand changes as we move along a
a. horizontal demand curve. b. vertical demand curve. c. linear, downward-sloping demand curve. d. All of the above are correct.
An example of physical capital is:
A. a construction worker's strength. B. a scientist's knowledge of cellular biology. C. Both of these are examples of physical capital. D. Neither of these is an example of physical capital.
If technological advancements reduce the cost of pollution abatement, all else equal:
A. the price of a pollution permit will fall. B. the price of a pollution permit will increase. C. the government will be forced to issue more permits. D. the government will be forced to issue fewer permits.
Suppose a firm can charge a relatively low price to try to compete actively with its rivals, or it can charge a relatively high, collusive price. If its strategy is to charge the low price regardless of the other firms' decisions, this low-price is the firm's
A. dependent strategy. B. independent strategy. C. positive sum strategy. D. dominant strategy.