Which of the following statements is TRUE?
A) The long-run aggregate supply curve is upward sloping.
B) The long-run aggregate demand curve is upward sloping.
C) The short-run aggregate supply curve is vertical.
D) The long-run aggregate supply curve is vertical.
D
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What are liabilities?
A) anything of value owned by a person or a business B) only those unpaid expenses for which a business or person is making interest payments C) the total cost of labor for a firm D) anything a person or a business owes to entities outside the business
To offset the effect of a steep fall in net exports on the economy, the government might: a. increase government purchases. b. decrease government purchases. c. increase taxes
d. none of the above.
Which of the following terms describes the process in which the exchange rate equalizes the prices of internationally traded goods across countries?
a. purchasing power parity b. exchange c. profiteering d. arbitrage
If the opportunity cost of producing one basketball in Romania is 3 Barbie dolls, while the opportunity cost of producing one basketball in Nigeria is 2 Barbie dolls, _______ has the comparative advantage in the production of basketballs.
A. Romania B. Nigeria C. both Romania and Nigeria D. neither Romania nor Nigeria