The amount of time during which at least one input cannot be adjust is the
A. length of the long-run period.
B. length of the short-run period.
C. time period when all costs are fixed.
D. end of the firm’s operations.
Answer: B
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When the price level rises from 110 to 115, the aggregate level of GDP supplied rises from $80 billion to $120 billion
This ________ relationship represents the ________ relationship between the quantity of real GDP firms are willing to supply and the price level. A) positive; short-run B) negative; short-run C) positive; long-run D) negative; long-run
Banks have responded to new regulations resulting from the Dodd-Frank Act in all of the following ways EXCEPT:
A) raising minimum balances on free checking accounts B) closing branches in low-income neighborhoods C) raising overdraft fees D) increased marketing of securities and financial advice to high-income customers
Which one of the following is an example of a positive statement?
A) Farmers need some type of government aid. B) State governments should provide economic assistance to farmers. C) The federal government should provide economic assistance to farmers. D) The amount of financial assistance given to farmers is higher this year than it was 10 years ago.
The MPC can be defined as the:
A. Change in consumption divided by the change in income B. Change in income divided by the change in consumption C. Ratio of income to saving D. Ratio of saving to consumption