When a firm shuts down in the short run, it breaks even.
Answer the following statement true (T) or false (F)
False
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In the above figure, if the relevant aggregate demand curve is AD2, what type of gap exists and how large is it?
A) inflationary gap of $1 trillion B) recessionary gap of $500 billion C) inflationary gap of $500 billion D) recessionary gap of $1 trillion
Indifference curves shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.
The difference between the market price of an acre of land and its supply price (including transportation) is
a. land rent b. zero, by definition c. negative d. the price of land e. infinite when the supply of land is fixed
An increase in interest rates by the Federal Reserve is an example of ________ policy.
A. monetary B. structural C. aggregation D. fiscal