The aggregate supply curve relating the price level to real GDP has three distinguishing segments. Which one of the following indicates the segments?
a. The horizontal segment reflects the increasing pressure on the price level as firms bid for resources. The upward-sloping segment reflects the availability of unused resources. The vertical segment reflects the full employment of all resources.
b. The horizontal segment reflects the availability of unused resources. The upward-sloping segment reflects the full employment of all resources. The vertical segment reflects the increasing pressure on the price level as firms bid for resources.
c. The horizontal segment reflects the full employment of all resources. The upward-sloping segment reflects the increasing pressure on the price level as firms bid for resources. The vertical segment reflects the availability of unused resources.
d. The horizontal segment reflects the availability of unused resources. The downward-sloping segment reflects decreasing pressure on the price level as firms bid for resources. The vertical segment reflects the full employment of all resources.
e. The horizontal segment reflects the availability of unused resources. The upward-sloping segment reflects increasing pressure on the price level as firms bid for resources. The vertical segment reflects the full employment of all resources.
e
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A) an inverse B) a direct C) no significant D) a negative
A good or service or a resource is excludable if
A) it is possible to prevent someone from enjoying its benefits. B) it is not possible to prevent someone from enjoying its benefits. C) its use by one person decreases the quantity available for someone else. D) its use by one person does not decrease the quantity available for someone else.
All of the following are considered trade secrets except which one?
A) the creation of a new product B) plans for future expansion C) customer lists D) product recipes
Which of the following assertions is not correct about the multilateral approach to free trade?
a. The multilateral approach has the potential to result in freer trade than does the unilateral approach. b. The multilateral approach may have a political advantage over the unilateral approach. c. The multilateral approach is simpler than the unilateral approach. d. NAFTA and GATT both represent multilateral approaches to free trade.