Long-run aggregate supply curve corresponds to
A) real GDP when the economy is above full employment.
B) real GDP when the economy is at full employment.
C) the economy outside its production possibilities curve.
D) the economy inside its production possibilities curve.
B
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Of the following situations, explain which are best described as games and which are best described as just decisions:
a. Starbucks is deciding whether to offer a new, 40 oz. option called the Uberventi. b. Sasha is deciding whether to order a grande latte or venti latte from Starbucks. c. The people of Catalonia are deciding whether to vote for independence from Spain. d. MGM Resorts International is preparing to bid to obtain the last available casino license in Macao. e. The Hollywood Hills Homeowner Association is debating the landscape design for the renovation of the main entrance to their neighborhood.
If demand increases and supply decreases, what is the effect on equilibrium price and equilibrium quantity?
A) The price falls and the quantity might increase, decrease, or remain the same. B) The price rises and the quantity might increase, decrease or remain the same. C) The quantity decreases and the price might rise, fall, or remain the same. D) The quantity increases and the price might rise, fall, or remain the same.
Deliberation councils have no private sector input
Indicate whether the statement is true or false
Legislators often have difficulty passing legislation with widespread benefits, but that imposes concentrated costs because those who bear the costs will __________ the legislation, while those who would reap the benefits will __________ the legislation
a. protest; actively support b. not protest; not actively support c. not protest; actively support d. protest; not actively support e. protest; protest