The determinants of aggregate supply:
A. are consumption, investment, government, and net export spending.
B. explain why real domestic output and the price level are directly related.
C. explain the three distinct ranges of the aggregate supply curve.
D. include resource prices and resource productivity.
D. include resource prices and resource productivity.
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One way to increase economic efficiency in saving lives is to
a. shift resources toward methods with low cost per life saved b. shift resources toward methods with high cost per life saved c. allocate more resources to saving lives d. allocate fewer resources to saving lives e. move along the production possibilities frontier and increase the number of lives saved
Social Security is financed:
A. by state income tax revenues. B. by payroll taxes on employees and employers. C. by federal excise taxes. D. out of general tax revenues.
Diminishing marginal returns to labor imply that
a. fixed costs will remain constant as the firm's output increases. b. the firm's short-run marginal cost curve will be upward sloping. c. the firm enjoys increasing returns to scale in the long run. d. the firm will be unable to earn short-run economic profit.