In 2013, corporate profits in the U.S. economy were about 14 percent of national income
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following graphs for a perfectly competitive market in the short run to answer the next question.
What will happen in the long run to market supply and the equilibrium price of the product?
A. Market supply will increase and equilibrium price will increase. B. Market supply will decrease and equilibrium price will decrease. C. Market supply will decrease and equilibrium price will increase. D. Market supply will increase and equilibrium price will decrease.
During recessions, when some workers lose their jobs and have lower incomes, sales of durable goods (goods with a life expectancy of 3 years or more) decline. Apparently, durable goods are:
A. inferior goods. B. substitutes. C. complements. D. normal goods.
Economies of scale is a short-run phenomenon
Indicate whether the statement is true or false
Talona's latest economic data indicates that the growth rate of gross domestic product (GDP) is 0.08 percent and the unemployment rate is 8.1 percent, while Genovia's economic data indicates a continuing upward pressure on price levels. Diagnose the current health of each of these economies, and provide your prescription of the appropriate monetary policy remedy needed in each instance