The position of the long-run aggregate supply curve
a. is determined by resource usage and technology.
b. is at the point where the unemployment rate is zero.
c. shifts to the right when the money supply increases.
d. is at the point where the economy would cease to grow.
a
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A long-term mismatch between the skills of some workers and the jobs available is a principal cause of ________ unemployment.
A. structural B. cyclical C. frictional D. global
Kristen has an income of $450 per year to spend on music CDs and movies on DVDs. The price of a CD is $15 and the initial price of a DVD is $22.50. The indifference curves in the figure above (I1, I2, and I3 ) reflect Kristen's preferences
If the price of a DVD falls to $18, the income effect on Kristen's consumption of DVDs ________ the substitution effect, so a DVD is ________ good. A) partly offsets; an inferior B) partly offsets; a normal C) reinforces; an inferior D) reinforces; a normal
A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises
A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases
Perfectly competitive firms always produce the quantity that minimizes average total cost in the short run.
Answer the following statement true (T) or false (F)