Short-run equilibrium occurs at the intersection of
A) the SAS and AD curves.
B) the SAS, LAS, and AD curves.
C) the SAS and LAS curves.
D) the LAS and AD curves.
A
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Answer the following statement(s) true (T) or false (F)
1. The major reason education leads to higher wages is due to signaling. 2. Attending college can be seen as an individual’s attempt to raise their level of human capital. 3. Since mowing ones lawn is not done at their workplace, it is viewed as a use of their leisure time and thus (somewhat paradoxically) falls into the category of leisure. 4. One deficiency of labor-leisure indifference curve analysis is that because indifference curves are always tangent to the worker’s budget line, the model can not explain why some people choose not to work. 5. A firm’s marginal revenue product of labor equals the marginal product of labor times the cost per unit of the labor.
If the annual inflation rate in an economy is "i", then $1 borrowed at the beginning of a year will have the same purchasing power as ________ dollars at the end of the year
A) (1 - i) B) (1/i) C) (1 + i) D) i
If the dollar depreciates against the British pound, U.S. goods sold in ________ would become less expensive and British goods sold in ________ would become more expensive
A) Great Britain; Great Britain B) the United States; Great Britain C) Great Britain; the United States D) the United States; the United States
Natural resource cartels such as OPEC are inherently unstable because their members operate with excess capacity and have an incentive to cheat on their output quotas
Indicate whether the statement is true or false