The long-run aggregate supply (LRAS) curve is
A) horizontal.
B) vertical.
C) positively sloped.
D) negatively sloped.
B
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If government purchases exceed tax revenue, there is a budget deficit
a. True b. False Indicate whether the statement is true or false
Which of the following situations is clearly inconsistent with the law of diminishing marginal utility?
a. Even a person with a huge appetite will eventually turn away food at an all-you-can-eat buffet. b. Some western ski areas close down when there is still considerable snow in the mountains in May because they can no longer attract enough skiers to the slopes. c. Newcomers to the California coast visit the beach much more frequently than long-term residents or natives. d. Diamond jewelry consumption has no disutility to the elite class as it signals prestige.
A tax on sellers
What will be an ideal response?
The productivity growth rates of poorer countries tend to be ____ than those of richer countries.
A. higher B. lower C. increasing slower D. decreasing faster