An oligopolist has a marginal revenue curve that jumps down at 500 units of output. What kind of oligopoly does the firm most likely belong to?
A. Cournot
B. Sweezy
C. Bertrand
D. Stackelberg
Answer: B
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In the long run, a higher government deficit does not affect equilibrium real Gross Domestic Product (GDP), so that continuous increases in the government deficit will
A) lead to greater tax revenues. B) reduce spending on privately provided goods and services. C) reduce the price level. D) increase the unemployment rate.
Real business cycle theorists are critical of monetarist reduced-form evidence because they believe
A) money is the most important cause of changes in aggregate demand. B) there is reverse causation from the business cycle to money. C) there is reverse causation from money to the business cycle. D) business cycles do not exist.
Consumers do not prefer gifts-in-kind to cash gifts
What will be an ideal response?
Which of the following is most likely to cause the long-run aggregate supply curve to shift rightward?
a. A rise in energy prices b. A drop in the actual price level c. An increase in the demand for leisure hours d. An increase in the level of investment spending that is less than the depreciation of the capital stock e. A technological breakthrough with widespread practical applications