Which of the following is most likely to increase long-run aggregate supply in an economy?
What will be an ideal response?
a reduction in the cost of using computers
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In the above figure, which wage rate will yield the highest wage rates for particular workers?
A) W1 B) W2 C) W3 D) W3 - W2
If a U.S. citizen buys a dress made in Nepal by a Nepalese firm, then
a. U.S. consumption increases, U.S. net exports decrease, and U.S. GDP decreases. b. U.S. consumption increases, U.S. net exports decrease, and U.S. GDP is unaffected. c. U.S. consumption decreases, U.S. net exports increase, and U.S. GDP increases. d. U.S. consumption decreases, U.S. net exports increase, and U.S. GDP is unaffected.
The costs identified with opening trade are called:
a. short-run costs. b. adjustment costs. c. variable costs. d. overhead costs.
In the above figure, what are the equilibrium price and quantity?
A. $10 and 200 units B. $40 and 200 units C. $30 and 100 units D. $50 and 100 units