If output and inflation are unrelated in the long run, the long-run aggregate supply curve must be:
A. horizontal.
B. upward sloping.
C. non-existent.
D. vertical.
Answer: D
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A price-discriminating monopoly charges
A) the same price to every buyer for the same product. B) a different price to different types of buyers for the same product, even though there are no differences in costs. C) a different price to different buyers, because the costs are different. D) different prices to buyers for different products. E) each customer a price that equals the marginal cost of serving that customer.
The legally established value of a country's monetary unit in terms of another under the Bretton Woods system was called the
A) exchange rate. B) dirty float. C) special draw. D) par value.
The isoquants for inputs that are perfect complements for one another consist of a series of:
a. right angles b. parallel lines c. concentric circles d. right triangles e. none of the above
If automobiles and gasoline are complements, then their cross-elasticity coefficient will be:
a. strictly greater than one. b. positive. c. equal to zero. d. negative.