The long-run aggregate supply curve reflects the idea that in the long run, output is determined only by
A. given technology.
B. the factors of production.
C. aggregate demand.
D. both A and B.
Answer: D
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If foreign countries simultaneously stimulate their economies rather than follow independent policies
A) world interest rates would rise and the pressure for exchange rate change would fall. B) world interest rates would rise and the pressure for exchange rate change would rise. C) world interest rates would fall and the pressure for exchange rate change would fall. D) world interest rates would fall and the pressure for exchange rate change would rise.
Suppose real money demand is 1000, real output is 6000, and the price level is 200. What is the level of velocity in this economy?
A) 2 B) 3 C) 6 D) 12
Which of the following ideas are NOT demonstrated by the PPF?
a. Efficiency b. Scarcity c. Opportunity cost d. Diminishing returns to scale
Refer to Figure 12-9. Identify the firm's short-run supply curve
A) the marginal cost curve B) the marginal cost curve from a and above C) the marginal cost curve from b and above D) the marginal cost curve from d and above