The long-run aggregate supply curve

a. is vertical
b. is upward sloping
c. is downward sloping
d. is horizontal
e. can have a variety of shapes depending on fiscal policy


A

Economics

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Explain absolute advantage

What will be an ideal response?

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Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $18. What is the value of consumer surplus?

A) $0 B) $270 C) $305 D) $320

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One popular definition of economics is the study of

a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.

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Production quota set below the equilibrium quantity has big effects:

What will be an ideal response?

Economics