If imports and exports are equal, the net export line:
A. is horizontal at $0.
B. is vertical at $0.
C. is horizontal at the value of imports.
D. slopes upward starting at the value of exports.
Answer: A
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The long-run average cost curve
A. is a composite of short-run AC curves. B. shows the lowest possible short-run AC corresponding to each output level. C. depends on the firm’s planning horizon. D. All of the responses are correct.
In the long run, the price charged by a monopolistic competitor will: a. equal marginal cost
b. equal average total cost. c. equal marginal revenue. d. be characterized by both b. and c.
If there is currently an inflationary gap in the economy the Fed could work toward recovery through an open market sale of government securities
a. True b. False Indicate whether the statement is true or false
When there is a large government deficit, what will happen to the aggregate demand curve?
a. It will shift to the left. b. It will shift downward. c. It will shift to the right. d. It will not shift.