The long-run aggregate supply curve shows the relationship between
A) short-run aggregate supply and short-run aggregate demand.
B) the quantity of real GDP supplied and the quantity of nominal GDP supplied.
C) the real interest rate and the nominal interest rate.
D) the price level and quantity of real GDP supplied.
D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The total benefit that a person receives from the consumption of goods and services is called
A) total utility. B) marginal utility. C) marginal cost. D) opportunity cost.
Which of the following characterizes a perfectly competitive market?
A) The market demand curve is vertical. B) The demand for each individual firm's product is perfectly elastic. C) Each firm sets a different price. D) Each firm produces a product slightly different from that of its competitors.
When a country both exports and imports a type of commodity, the country is engaged in
A) intra-industry trade. B) increasing returns to scale. C) imperfect competition. D) inter-industry trade. E) an attempt to monopolize the relevant industry.