Refer to Figure 33-6. Which of the long-run aggregate-supply curves is consistent with a short-run economic expansion?
A. LRAS1
B. LRAS1
C. LRAS3
D. Both LRAS1 and LRAS3
Ans: A. LRAS1
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Which of the following has been one of the most productive sectors of the U.S. economy through the 19th, 20th and 21st centuries?
A. Textiles B. Steamships C. Steel D. Agriculture
The time that elapses between the implementation of a policy and its intended result is referred to as
A) the action time lag. B) the recognition time lag. C) the effect time lag. D) the data lag.
Bargaining costs are generally high in cases involving environmental externalities because
a. there are strong incentives to be a free rider. b. many individuals may be affected by the externalities. c. it is difficult to measure the costs of the externalities. d. all of the above.
The firm in the above figure breaks even when quantity is
A. A. B. B. C. C. D. D.