The Keynesian range of the aggregate supply curve applies when the economy is at or near full employment
a. True
b. False
Indicate whether the statement is true or false
False
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A perfectly competitive firm produces in a market where the prevailing price is $25 . At its current output level of 10,000 units, its average total cost equals $15 . The firm is earning
a. a total money profit of $100,000 b. a total economic profit of $100,000 c. a total money profit of $250,000 d. a total economic profit of $250,000 e. both a total money profit and a total economic profit of $100,000
If inflation expectations rise, the short-run Phillips curve shifts
a. right, so that at any inflation rate output is higher in the short run than before. b. left, so that at any inflation rate output is higher in the short run than before. c. right, so that at any inflation rate output is lower in the short run than before. d. left, so that at any inflation rate output is lower in the short run than before.
If the CPI in year 2 equals 110 and the CPI in year 3 equals 121, it can be concluded that consumer prices:
A. rose from year 2 to year 3 by 21 percent. B. rose from year 2 to year 3 by 10 percent. C. are the same in year 2 as in the base year. D. rose from year 2 to year 3 by 11 percent.
Who said, "We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper" as whether price is set by demand or supply?
A. Thomas Carlyle B. Alfred Marshall C. Adam Smith D. Edward Scissorhands