Which of the following curves reflects the idea that in the long run, output is determined only by the factors of production and given technology?
A) the aggregate demand curve B) the long-run aggregate supply curve
C) the Keynesian aggregate supply curve D) the market supply curve
B
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Consumers will willingly make less-informed decisions: a. if information costs are less than the perceived benefits of gathering information. b. if information costs are greater than the perceived benefits of gathering information. c. since ignorance always leads to bliss
d. whenever acquiring more information requires sacrifice.
Macroeconomics is the study of
a. individual decision makers. b. international trade. c. economy-wide phenomena. d. markets for large products.
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Which of the following would be considered a variable cost of this company?
A. The cutting shears B. The fabric C. The rent D. None of these would be considered a variable cost.
Price-fixing is considered to be a per se violation of the antitrust laws because:
A. a guilty verdict requires proof of injury to consumers. B. a guilty verdict requires proof of injury to other competitors. C. the rule of reason is applicable. D. a guilty verdict need only show that there was a conspiracy to fix prices, not that it succeeded.