The short-run aggregate supply curve in modern Keynesian analysis
A) is a horizontal line the same as in the Keynesian model.
B) is a vertical line the same as in the classical model.
C) is an upward sloping curve.
D) is a negatively sloped curve.
C
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If an economy is operating at a point inside the production possibilities frontier, then
a. some of the nation's resources are unemployed b. the production decisions are made by the government c. unlimited resources must satisfy scarce desires d. there is a scarcity of human resources relative to human wants therefore society must have some mechanism for making choices e. society is paying too much for wages
A monopolistically competitive firm's demand curve slopes downward because:
a. new firms are free to enter the market. b. there are a large number of firms in the market. c. a differentiated product gives the firm some monopoly power. d. the firm has complete information about the market. e. the firm sells a standardized product.
In economics, which of the following is considered part of "land"? a. A 500 acre forest
b. bauxite deposits. c. underground pools of crude oil. d. All of the above except a. are included in the category, "land.".
Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the Canada is
A. the same as that in the United States. B. twice as much as that in the United States. C. 1/2 as much as that in the United States. D. 2/3 as much as that in the United States.