Productivity
a. is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries.
b. explains very little of the differences in the standard of living across countries.
c. explains some, but not most of the differences in the standard of living across countries.
d. explains most of the differences in the standard of living across countries.
d
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Monetarists assume that there is a powerful direct link between aggregate demand and
A) velocity. B) real money balances. C) wage rates. D) interest rates.
A trade-off between aggregate output and inflation
A) is theoretically possible, but has never been observed in practice. B) may exist in the short run, but not in the long run. C) may exist in the long run, but not in the short run. D) exists in both the short run and the long run.
If a cartel firm is producing a quantity at which the marginal revenue is $4 and the marginal cost is $4, the firm ________.
A) is producing less than the agreed upon quantity B) is producing the agreed upon quantity C) has erected a barrier to entry D) has acted in self-interest
A movement downward and to the left along a supply curve is called a(n)
a. increase in supply. b. decrease in supply. c. decrease in quantity supplied. d. increase in quantity supplied.