The level of real GDP identified by the long-run aggregate supply curve is
A) the level of GDP at which each industry is experiencing growth in sales.
B) the level of GDP at which each business firm is experiencing growth in sales.
C) the level of GDP at which no one is below the poverty line.
D) the full-employment level of real GDP.
D
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The United States is one of the richest nations in the world,
A) so it does not need to trade with poor nations in order to achieve any gains from trade. B) so it might not have a comparative advantage in producing any goods. C) but it can still benefit from specialization and trade. D) so it must have a comparative advantage in the production of all goods. E) so it must have an absolute advantage in the production of all goods.
Which of the following occurs with both perfectly price discriminating and single-price monopolies?
A) The amount of output is inefficient. B) All consumer surplus goes to the monopoly. C) Deadweight loss is created. D) There is a redistribution of consumer surplus to the monopoly.
When there are many goods is that in a barter system
A) transactions costs are minimized. B) there exists a multiple number of prices for each good. C) there is only one store of value. D) exchange of services is impossible.
Which of the following are three key components of the economic problem?
a. scarcity; choice; giving up valuable opportunities b. surplus; choice; competing opportunities c. scarcity; competing opportunities; income d. surplus; income; giving up valuable opportunities