For economic purposes in the United States, the working-age population does include people:
A. in prison.
B. in the military.
C. less than 16 years old.
D. over the age of 16.
D. over the age of 16.
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A durable good is product that
A) holds up well under abuse. B) has had the same design over a long period of time. C) is purchased only once. D) is usable over a long period of time.
John wants to buy a new lawn mower. He can either buy it in the US and pay $500 or buy it in Mexico and pay 8188 Mexican Pesos. At the exchange rate of 1 Mexican Peso=0.771US$, ignoring any other costs, he would
a. ?Prefer buying in the US b. ?Prefer buying in Mexico c. ?Be indifferent about where he buys his television d. ?None of the above
Beginning from a position of long-run equilibrium at the full-employment level of real GDP, the economy's short-run response to an increase in the aggregate demand curve would be:
A. a movement upward along the short-run aggregate supply curve. B. a movement upward along the long-run aggregate supply curve. C. a downward shift in the short-run aggregate supply curve. D. a shift in both the aggregate demand curve and the short-run aggregate supply curve with a movement along the long-run aggregate supply curve.
In the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
A. must be less than ATC. B. must be more than ATC. C. may be either equal to ATC, less than ATC, or more than ATC. D. will be equal to ATC.