Output in the short run is determined by which of the following factors when an economy operates at full employment?
A. demand
B. supply
C. the price level
D. the labor force
Answer: A
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What will happen to the steady-state equilibrium level of output and capital stock in an economy if:
a) there is an increase in the savings rate. b) there is a deterioration of human capital. What will be an ideal response?
In 2010, many politicians argued that the deficit should be reduced at all costs but many economists countered that deficit reduction would be problematic given the state of the economy
a. True b. False Indicate whether the statement is true or false
A good with an income elasticity of 2.3 is:
A. a necessity. B. a luxury. C. inferior. D. a complement.
The demand for labor depends on I. technology. II. the prices of other factors of production. III. the price of the product
A) I and II B) II and III C) I and III D) I, II and III