The demand curve for capital is ____ and its supply curve is ____
a. downward sloping; downward sloping
b. upward sloping; upward sloping
c. downward sloping; upward sloping
d. upward sloping; downward sloping
c
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A recession is characterized by:
A. a period of significant increase in economic activity. B. falling GDP. C. constant unemployment. D. an increase in the general price level.
The exchange rate £/$ is an example of a:
a. Real, effective exchange rate. b. Real, bilateral exchange rate. c. Nominal, effective exchange rate. d. Nominal, bilateral exchange rate.
Below, the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.
How much profit will the firm earn?
A. $3,100 B. $2,600 C. $3,750 D. $6,000 E. zero
During a time of high unemployment, a country can increase the production of one good or service
A) by using resources in the production process twice. B) without decreasing the production of something else. C) and must increase the production of something else. D) but must decrease the production of something else. E) but the opportunity cost is infinite.