The long-run aggregate supply curve is:
a. upward sloping
b. downward sloping.
c. vertical at full-employment real GDP.
d. horizontal at full-employment real GDP.
c
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The table above shows the demand and costs for a single-price monopolist. The maximum economic profit this firm can make equals
A) $1,390. B) $1,550. C) $1,580. D) $2,400.
If the real interest rate is 3% and the inflation rate is 6%, the nominal interest rate is
a. 2% b. 3% c. 9% d. 18%
Any factor that shifts the supply curve inward and to the left and does not affect the demand curve will raise the equilibrium price and reduce the equilibrium quantity.
Answer the following statement true (T) or false (F)
On a Sunday morning, Tom sold 300 cups of coffee for a total of $750
a. The $750 is a nominal variable. The 300 cups of coffee is a real variable. b. The $750 is a real variable. The 300 cups of coffee is a nominal variable. c. Both the $750 and the 300 cups of coffee are nominal variables. d. Both the $750 and the 300 cups of coffee are real variables.