A long-run aggregate supply curve may graphically be represented as a
A. horizontal line.
B. an upward sloping line.
C. vertical line.
D. a downward sloping line.
Answer: C
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Which form of price regulation increases consumer well-being and allows the firm to stay in business?
A. Allow the firm to set its own rate of return. B. Set prices equal to marginal cost. C. Set prices equal to average cost. D. Set lower prices when efficiency improves.
Refer to Figure 11-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) the per-worker production function will shift up every year there is increase in capital per hour worked. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) real GDP per hour worked will be lower in 2016 than it was in 2012.
Which of the following is NOT a form of outsourcing?
A) hiring an accountant to do your taxes B) replacing the windshield wipers on your car C) paying your son to mow the lawn D) taking a taxi to the airport
The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an example of the:
A. principle of increasing opportunity costs. B. scarcity principle. C. equilibrium principle. D. principle of comparative advantage.