The long-run aggregate supply curve is
A) horizontal at the full-employment level of real Gross Domestic Product (GDP).
B) vertical at the full-employment level of real Gross Domestic Product (GDP).
C) sloping upward due to the effects of price level changes on real Gross Domestic Product (GDP).
D) the same as the short run aggregate supply (SRAS) curve.
B
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If the interest rate is 20 percent, the present value of $10,000 to be received 20 years from today is about
A) $6,944. B) $14,400. C) $383,376. D) $261.
How does the existence of money affect economic growth?
What will be an ideal response?
Which of the following is not an idea advocated by Adam Smith?
a. Businesspersons conspiring to fix prices are a threat to the price system. b. Pursuit of private self interest with an invisible hand is the best way to promote the public interest. c. Government should control the economy. d. The government should provide for national defense and little else.
Graphically, the marginal revenue curve of a monopolist: a. lies below the demand curve of a monopolist
b. is the same as the demand curve of a monopolist. c. lies above the demand curve of a monopolist. d. is the same as the marginal cost curve of a monopolist.