Expected profit and the real interest rate affect investment decisions
Indicate whether the statement is true or false
TRUE
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An improvement in technology would cause the long-run aggregate-supply curve to shift
a) left. b) downward. c) right. d) not at all but instead to remain constant.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
A patent is a government granted exclusive right to sell a product for a period of time.
Answer the following statement true (T) or false (F)
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.