The long-run aggregate supply curve illustrates the
A) relationship of the price level and real GDP when the economy is at full employment.
B) relationship of the price level and real GDP when the economy is at zero unemployment.
C) amount of products producers offer at various prices when money wages and other resource prices are fixed.
D) surpluses, shortages and equilibrium level of GDP.
A
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Managed float exchange systems were abandoned with the implementation of the gold standard
Indicate whether the statement is true or false
Disclosure laws:
A. are an example of how government attempts to assert control over what we eat. B. always help solve information asymmetry, but can cause other problems. C. can result in information overload. D. All of these statements are true.
Suppose that an MBA degree creates no externality because the benefits of an MBA are internalized by the student in the form of higher wages. If there are no government subsidies for MBAs, then which of the following statements is correct?
a. The equilibrium quantity of MBAs will equal the socially optimal quantity of MBAs. b. The equilibrium quantity of MBAs will be greater than the socially optimal quantity of MBAs. c. The equilibrium quantity of MBAs will be less than the socially optimal quantity of MBAs. d. There is not enough information to answer the question.
Which of the following is an example of a factor payment?
a. The U.S. government pays Sunset Farms a subsidy of $1 million per year. b. Yves is an entrepreneur who earns a profit of $2 million for putting capital together for a firm. c. Alchemy Chemicals uses $500,000 to replace worn out equipment. d. Healthy Grocers pays $750,000 to increase its stock of organic preserves.