We can say that the potential level of real GDP is fixed because the long-run aggregate supply curve is a vertical line
a. True
b. False
Indicate whether the statement is true or false
False
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A measure of a country's production is its
A) general domestic production. B) gross domestic product. C) gross daily production. D) general daily product. E) gross total output.
Government intervention in agricultural markets in the U.S. began
A) during the Korean War. B) during World War II to ensure that enough food was available for domestic consumption. C) after World War I in order to assist farmers to adjust from a war-time economy to a peace-time economy. D) during the Great Depression.
When the parties to a deal have access to different information:
A. markets will be efficient. B. parties will voluntarily share information truthfully in order to achieve efficiency. C. markets may fail to exist in such cases. D. parties will blindly trust one another.
Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at $100,000, but now it is a first-price auction. What bid should you submit?
a. Exactly $100,000 b. Somewhat lower than $100,000 depending on the number of other bidders c. Somewhat higher than $100,000 depending on the number of other bidders d. Cannot say which of a, b, or c is right without further information