Figure 10-4
Starting from long-run equilibrium at point F in , at which of the following points would short-run equilibrium occur following a drought in the Midwestern states?
a.
I
b.
F
c.
G
d.
H
a
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Overall, what type of economy are we in today?
A. Creative B. Agricultural C. None of the options listed. D. Knowledge E. Industrial
Along a supply curve,
A. supply changes as price changes. B. quantity supplied changes as price changes. C. supply changes as technology changes. D. quantity supplied changes as technology changes.
Under fixed exchange rate, in general which one of the following statements is the MOST accurate?
A) The following condition should hold for domestic money market equilibrium: Ms/P = L(R , Y). B) The following condition should hold for domestic money market equilibrium: Md/P = L(R , Y). C) The following condition should hold for domestic money market equilibrium: Ms = L(R , Y). D) The following condition should hold for domestic money market equilibrium: P = L(R , Y). E) The following condition should hold for domestic money market equilibrium: R*Md/P = L(Y).
A rational decision maker takes an action if and only if
a. the marginal benefit of the action exceeds the marginal cost of the action. b. the marginal cost of the action exceeds the marginal benefit of the action. c. the marginal cost of the action is zero. d. the opportunity cost of the action is zero.