In the macroeconomic long run,
What will be an ideal response?
there is full employment and real GDP is equal to
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When less than the efficient amount of a good is produced, how does the marginal benefit of the last unit produced compare to its marginal cost?
What will be an ideal response?
Marvin's Metal Company produces screws that it sells to Ford, which uses the screws as a component of its cars. In the national income accounts, the screws are classified as
A) inventory. B) final goods. C) capital goods. D) intermediate goods.
Which of the following indicates that there is a shortage in the market?
A) Demand is rising. B) Demand is falling. C) Price is rising. D) Price is falling.
The firm would have a better bargaining position if
a. The firm can easily replace the workers with machinery b. The workers are a critical part of the production process c. The workers are highly specialized and would not find employment elsewhere easily d. Both A&C