The economy's long run aggregate supply curve
a. is horizontal, indicating that the economy always reaches full employment in the long run.
b. is vertical at the full-employment level of output, indicating that the price level is constant in the long run.
c. is horizontal, indicating that prices are constant in the long run.
d. is vertical at the full-employment level of output, indicating that the economy always reaches full employment in the long run.
e. is vertical at the zero budget deficit level of output.
D
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In the above figure, the opportunity cost of moving from point A to point C is
A) 50 guitars. B) 0 guitars. C) 25 guitars. D) 50 ukuleles.
The discount rate utilized in public sector budgeting performs the functions of:
a. allocating funds between the public and private sectors b. allocating funds between present consumption and investment (i.e., future consumption) c. allocating funds between debt and equity securities d. a and b only e. none of the above
The main goal of the Fair Trade Commissions Act was to
A. limit mergers and price-fixing contracts. B. make deceptive practices illegal. C. limit competition among small firms. D. make restraint of trade illegal.
In 2009, the United States balance of trade deficit with China was about 4 times as large as the balance of trade deficit with Canada
a. True b. False