Use the following graph to answer the next question.
If current output is Q1 and full-employment output is Q3, then in the long run the short aggregate supply schedule is ________.
A. AS1
B. AD
C. AS3
D. AS2
Answer: C
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In many European countries it is much easier than in the United States for unemployed workers to receive generous wage replacement income from their governments
Indicate whether the statement is true or false
The congressional committee headed by Thomas Jefferson proposed a method for disposing of the public domain that was based on
a. the New England township system. b. the Southern tract system. c. the Virginia plan. d. English common law.
Refer to the graph shown. Initially, the market is in equilibrium with price equal to $12 and quantity equal to 140. As a result of a per-unit tax imposed by the government, the supply curve shifts from S0 to S1. The effect of the tax is to:
A. reduce consumer surplus by $240. B. give government tax revenues of $100. C. reduce consumer surplus by $200. D. give government tax revenues of $280.
An external market
A) should always replace internal markets. B) have problems that internal markets do not. C) should be used to discipline the internal market. D) fewer economies of scope.