What flows to firms in a product market?
a. payments for goods and services
b. goods and services
c. payments for rent and wages
d. technology and machinery
a. payments for goods and services
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If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point
A) within its PPF. B) on its PPF. C) beyond its PPF. D) None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible.
A recessionary gap means that the level of real GDP at the short-run macroeconomic equilibrium
A) is less than full-employment GDP. B) equals full-employment GDP. C) is more than full-employment GDP. D) may be less than, more than, or the same as full-employment GDP depending on the level of potential GDP.
What are two benefits of the new auto-emission standards?
What will be an ideal response?
How does a monopsonist decide how many workers to hire and what wage rate to pay?