What is the shape of the long-run supply curve in a constant-cost industry?
A. horizontal
B. downward sloping
C. vertical
D. upward sloping
Answer: A
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Assume the population growth rate is 2 percent and the real GDP growth rate is 5 percent. The change in standard of living, as measured by the growth rate in real GDP per person, is
A) 7 percent. B) 2.5 percent. C) 5 percent. D) 3 percent. E) -3 percent.
If the quantity of nail polish supplied is represented by the equation QS = -3 + 2P then the corresponding price of nail polish is represented by the equation
A) P = 1.5 - 0.5QS. B) P = 2QS - 6. C) P = 2QS + 6. D) P = 0.5QS + 1.5.
Systemic risks are most likely to exist with regard to
a. small governments. b. large governments. c. small financial institutions. d. large financial institutions.
The demand curve for a normal good will:
A. slope downward only if the income effect dominates the substitution effect. B. slope downward only if the substitution effect dominates the income effect. C. slope downward. D. slope upward if the good is also a Giffen good.