Identify the 3 curves in the above figure
A) (1 ) is long-run aggregate supply, (2 ) is short-run aggregate supply, (3 ) is aggregate demand.
B) (1 ) is aggregate demand, (2 ) is short-run aggregate supply, (3 ) is long-run aggregate supply.
C) (1 ) is short-run aggregate supply, (2 ) is long-run aggregate supply, (3 ) is aggregate demand.
D) (1 ) is long-run aggregate supply, (2 ) is aggregate demand, (3 ) is short-run aggregate supply.
A
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In the business cycle, what immediately precedes the time when real GDP is falling?
A) depression B) peak C) recession D) expansion E) trough
Which of the following helps economists avoid double counting in computing of GDP?
a. Including goods and services produced only within a given area. b. Only include transfer payments made by the government and not individuals. c. Only include capital purchases by corporations and not by family-owned firms. d. Avoiding the use of intermediate goods in calculating GDP.
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.Based on the assumptions in the Application, should Rory hire a gardener or cut the weeds himself?
A. He should hire the gardener because he would save $1,000. B. He should hire the gardener because he would save $800. C. He should cut the weeds himself because he would save $200. D. He should cut the weeds himself because he would save $1,000.
Refer to the given data. What is the marginal product of the sixth worker?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively.
A. 2 units.
B. 3 units.
C. 4 units.
D. 5 units.