The horizontal sum of marginal cost curves (above AVC) of all the firms in an industry is the short-run industry supply curve.
Answer the following statement true (T) or false (F)
True
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An assumption on the LRAS curve is
A. an increase in the average price level occurs. B. labor productivity is increasing. C. technology remains unchanged. D. the economy is operating to the right of the production possibilities curve.
A decrease in real GDP can
A) shift money demand to the right and decrease the interest rate. B) shift money demand to the right and increase the interest rate. C) shift money demand to the left and decrease the interest rate. D) shift money demand to the left and increase the interest rate.
The supply of cars will be more elastic
A. the lower the quantity demanded. B. the greater the quantity demanded. C. in the short run than in the long run. D. in the long run than in the short run.
Which is the most accurate statement?
A. The Japanese and Chinese bear most of the blame for our huge trade deficit. B. Our trade deficit with China has been rising more rapidly than our trade deficit with Japan. C. Our combined trade deficits with Japan and China now total about $100 billion. D. Most economists agree that the best way to reduce our trade deficit would be to impose high tariffs on our imports from Japan and China.