Recall the Application about the supply of shipping services to answer the following question(s).According to the Application, at a relatively low freight rate, only the ________ efficient ships operate, and they save on cost by traveling at a ________ speed.
A. most; fast
B. most; slow
C. least; fast
D. least; slow
Answer: B
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If the expected future inflation rate decreases, then
A) aggregate demand increases. B) short-run aggregate supply increases. C) aggregate demand decreases. D) long-run aggregate supply decreases.
Behavior on the part of the firm that allows it to comply with the letter of the law but violate the spirit reducing the law's effect is
A) asymmetric information. B) creative response. C) the lemons problem. D) only a problem in a monopoly.
Over the last fifty years both real GDP and prices have trended upward in most countries. Continuing real GDP growth and inflation can be explained by
a. continuing technological progress alone. b. continuing increases in the money supply alone. c. continued technological progress and continuing increases in the money supply. d. None of the above can explain continuing real GDP growth and inflation.
In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. How much does the seventh unit of output add to total cost?
A. nothing B. $400 C. $800 D. $4,000 E. $8,000