Other things equal, a country's long-run aggregate supply will shift to the left when _____
a. the aggregate expenditure on education rises
b. the productivity of labor rises
c. the quantity of natural resources rises
d. the mortality rate rises
e. the amount of investment rises
d
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Which of the following would lead GDP to overstate economic welfare?
A) the existence of home-cooked meals B) restaurant workers that under-report tip income C) a self-employed CPA who takes a longer than normal vacation D) electric utilities that switch to burning coal because of higher natural gas prices and thereby create more acid rain pollution
Total cost minus total variable cost equals:
A. marginal cost. B. total fixed cost. C. average fixed cost. D. average variable cost.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Currently in sector X, price is
A. equal to average cost. B. greater than average cost. C. less than average cost. D. More information is needed to answer the question.
Which of the following is an effect of the domestic sugar program of the United States on many of the less-developed countries that export sugar?
A. Export earnings and national incomes have increased B. The decrease in the supply of sugar to world markets from less-developed countries has increased world prices C. There has been an increase in the production of sugar in the United States and a loss of sales by less-developed countries to the United States D. There has been improved efficiency in the allocation of agricultural resources