Aggregate supply can be thought of as
a. a fixed amount of output.
b. unrelated to the price level.
c. a schedule of output at different price levels.
d. the volume of goods at the ends of the production possibilities curve.
c
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Refer to Figure 2-2. What is the opportunity cost of one dozen orchids?
A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses
State and define all the components of the GDP of an economy when it is measured by using the expenditure method
Suppose a country with a fixed exchange rate decides to reduce the price of its currency. This change in policy is called
A) an appreciation. B) a depreciation. C) a peg. D) a devaluation. E) a revaluation.
Which of the following is not an example of informal institutions?
A) Culture B) Laws C) Ethics D) Norms.