Monopolistic competition is a market in which ________ firms produce ________ goods and services
A) many; identical
B) many; differentiated
C) few; differentiated
D) few; identical
B
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All items below will decrease short-run aggregate supply EXCEPT
A) a decrease in labor supply. B) a decrease in training and education. C) a decrease in the marginal tax rates. D) an increase in the prices of inputs.
Whether or not a reduction in the budget deficit is a pro-growth measure depends on how the budget deficit shrinks
a. True b. False
An assumption on the LRAS curve is
A) technology remains unchanged. B) an increase in the average price level occurs. C) the economy is operating to the right of the production possibilities curve. D) labor productivity is increasing.
In macroeconomics, the long run is determined by:
A. how long it takes for prices of inputs to adjust through the whole economy. B. how long it takes for firms to vary all input quantities. C. the longest contract length of a business. D. how long it takes for output decisions to adjust to changes in economic conditions.