The long-run aggregate supply curve is
A. vertical.
B. horizontal.
C. upward sloping.
D. U-shaped.
Answer: A
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The key feature of monopolistic competition that distinguishes it from perfect competition is
A) many sellers. B) barriers to entry. C) interdependency. D) product differentiation.
For state residents, interest on most bonds issued by their state government is
A) exempt from state and federal income taxes. B) exempt from state, but not from federal, income taxes. C) exempt from federal, but not from state, income taxes. D) subject to both state and federal income taxes.
More than 70 percent of national income is attributed to
a. compensation of employees b. rental income c. corporate profit d. net interest e. proprietors' income
We would expect the cross elasticity between tennis racquets and tennis balls to be:
A. negative. B. positive. C. zero. D. one.