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.
C
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Monopolistically competitive firms
a. are guaranteed to earn short-run economic profit b. may earn short-run economic profits, although long-run economic profit is typically zero c. may earn economic profit both in the short run and in the long run d. earn zero economic profit both in the short run and in the long run e. can only earn an economic profit in the inelastic portion of their demand curves
If the consumption function shifts downward, which of the following is the most likely cause?
a. Consumers become more optimistic. b. The price level increased. c. Consumers' incomes increase. d. Real interest rates decrease.
An eclectic aggregate supply curve:
A. Is the supply-side counterpart to monetarist and Keynesian assumptions about the shape of aggregate demand. B. Combines elements of the monetarist and Keynesian assumptions about the shape of aggregate supply. C. Maintains a constant upward slope as the economy moves through the business cycle. D. Is horizontal at all levels of output.
An increase in income in other countries, other things equal, would cause U.S. _____
Fill in the blank(s) with the appropriate word(s).