If the aggregate supply curve is steep,
a. increased aggregate demand will not lead to higher prices.
b. greater demand for labor will not cause significant wage increases.
c. business firms are probably producing near capacity.
d. All of the above are correct.
c
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When Lonnie produces 1 pair of cowboy boots his costs total $300. When he produces 2 pairs of cowboy boots his total costs are $500. This means that Lonnie's marginal cost of producing the second pair of cowboy boots is $200
Indicate whether the statement is true or false
In 2013 banks kept reserves equal to about ________ of their assets
A) 37 percent B) 50 percent C) 75 percent D) 25 percent E) 18 percent
Differences in productivity can actually benefit society even when this results in increases in income inequality
Indicate whether the statement is true or false
The equation for a budget line for goods X and Y, with Px being the price of X, Py being the price of Y, and B being the budget, can be written as:
a. PxX + PyY = B. b. PxX + PyY = 1 / B. c. PxX = B + PyY. d. PxX / PyY = 1 ? B.