Refer to Figure 6-10. A perfectly elastic supply curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
B
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The Todaro model suggests that rural urban migration depends on
a. the gap between rural and urban wages b. the gap between rural and urban wages modified by the likelihood of obtaining a job in the city c. the gap between rural and urban wages modified by the likelihood of having a family member alreadyin the city d. the gap between rural and urban wages modified by government-provided employment possibilities inthe city e. none of the above
The aggregate supply curve shows the negative relationship between general price level and real GDP
a. True b. False Indicate whether the statement is true or false
Contrast the actions the central bank of a country should take when an economy is in recession with production substantially below its potential gross domestic product (GDP) and those needed when an economy is producing in overdrive above potential GDP
Which statement is true? In the short run, a perfect competitor will
A. operate at its most efficient output only if it is making a profit. B. operate at its most efficient output only if it is taking a loss. C. operate at its most efficient output if it is making a profit or taking a loss. D. not operate at its most efficient output if it is making a profit or taking a loss.