Long-run aggregate supply reflects
A) total production in the economy at full employment.
B) total spending in the economy at full employment.
C) both production and spending in the economy.
D) only foreign production from U.S. subsidiaries.
A
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Refer to Figure 12-6. To maximize his profit, Jason should produce the rate of output indicated by point
A) d. B) b. C) e. D) a.
The higher the death rates in less-developed countries, the smaller the average family size
a. True b. False Indicate whether the statement is true or false
Kuznets's research showed that the marginal propensity to consume remains constant as national income rises
Indicate whether the statement is true or false
Which of the following statements accurately characterizes the effects of minimum-wage laws?
a. Some workers who might have been employed at a lower wage become unemployed. b. Those workers who remain employed benefit from a higher wage. c. The effects of minimum-wage laws depend strongly on the elasticity of demand. d. All of the above accurately characterize the effects of minimum-wage laws.