Which of the following goods is least liquid?
A. Cash
B. Checking account
C. Car
D. House
D. House
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The ________ curve has a positive slope because as prices of final goods and services rise, prices of inputs rise more slowly
A) short-run aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) long-run aggregate demand
Which of the following would not explain why academic economists earn less than corporate economists?
a. more freedom in daily schedules b. less restrictions on attire c. less freedom in choice of research topics d. less control over their public statements e. None of the answers is correct.
If the price of potatoes is reduced, consumers likely:
a. significantly more potatoes b. significantly fewer potatoes c. roughly the same quantity of potatoes d. an unknown quantity of potatoes; in this situation, consumers' actions cannot be predicted
The long-run average total cost (LRATC) curve
a. indicates the per-unit cost of producing various rates of output with a specific size of plant but variable levels of labor and technology. b. indicates the minimum per-unit cost that can be achieved at various output rates when the firm is free to choose among plant sizes. c. will be falling when diseconomies of scale are present and rising when economies of scale are present. d. is a U-shaped curve. e. is both a and d above.