Which of the following does not influence the position of the long-run aggregate supply curve?
What will be an ideal response?
the actual price level
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A U-shaped long-run average cost curve implies that a firm experiences economies of scale at low levels of production and diseconomies of scale at high levels of production
Indicate whether the statement is true or false
A good is considered nonexcludable if
a. many individuals can share in the consumption of the same unit of the good. b. the consumption of the good by one individual lowers the amount available for others. c. it is impossible or very costly to exclude nonpaying customers from receiving the good. d. its production is financed through tax revenue rather than market prices.
When a country suffers from a speculative attack:
A. the supply of currency available shifts right. B. it forces the government to spend its reserves to defend its fixed exchange rate. C. it lowers the equilibrium exchange rate. D. All of these statements are true.
A standard way to measure income mobility is to compare:
A. people's income at the beginning of their work-life to their income when they retire. B. the education level of people to that of their parents'. C. people's income to their parents' income. D. None of these is a standard way to measure income mobility.