When the labor market is at full employment
A) real GDP equals potential GDP.
B) the price level is stable.
C) the price level equals the potential price level.
D) the short run aggregate supply curve is horizontal.
A
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Refer to Table 12-2. What is Margie's total revenue if she sells 250 pounds of apples?
A) $250 B) $500 C) $750 D) There is not enough information in the table to determine Margie's total revenue.
Firms are assumed to
a. maximize profit per unit of output b. maximize total revenue c. maximize assets d. produce at the lowest point on their average total cost curve e. maximize profit
The level of the exports of U.S. goods and services amounted to ________ trillion, or 14% of GDP in 2011
a. 2.1 b. 3.1 c. 4.1 d. 5.1
Using the above table, at a price of $70, there is
A. a shortage of 120 units. B. a surplus of 150 units. C. a surplus of 270 units. D. a shortage of 150 units.