The long-run aggregate supply curve shows the relationship between the ________ and ________
A) inflation rate; quantity of real GDP demanded
B) real interest rate; quantity of real GDP supplied
C) nominal interest rate; quantity of real GDP supplied
D) price level; quantity of real GDP supplied
Answer: D
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An employer would never operate on the upward-sloping part of an MRP curve because
a. he would not be maximizing profits. b. he would be hiring workers at wages above MRP. c. the number of workers is too large to get economies of scale. d. he would then have too little capital per worker.
The business cycle is so named because upswings and downswings in business activity are equal in terms of duration and intensity.
Answer the following statement true (T) or false (F)
Bounded rationality suggests that
A) individuals might make "incorrect" decisions because they are unable to consider all possible options. B) individuals would rather have less choice to more choice. C) rational decisions can only be made when choices are restricted. D) individuals are happier when their choices are restricted or "bounded."
The graph shown demonstrates a tax on sellers. Who bears the greater tax incidence?
A. The sellers B. The buyers C. The incidence is equally shared between buyer and seller. D. The government