Which of the following will not cause an increase in aggregate output (Y) in the long run?
A) an increase in N
B) an increase in K
C) an increase in technology
D) a reduction in the saving rate
E) none of the above
D
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Use the following graph showing short-run cost curves for a perfectly competitive firm to answer the next question.
At what minimum price would the firm be willing to produce output in the short run?
A. P1 B. P2 C. P3 D. P4
The difference between a country's Gross National Product (GNP) and its Gross Domestic product (GDP) is that
A) GNP refers to production within the nation while GDP refers to production by domestic factors no matter where they are located. B) GNP is always bigger than GDP. C) GDP refers to production within the nation while GNP refers to production by domestic factors no matter where they are located. D) Two of the above are true.
An increase in the price of fuel and fertilizer used for corn would cause farmers to increase corn production in an effort to make up for lost profits
Indicate whether the statement is true or false
The market demand curve for a product:
A. is the demand of an individual consumer. B. will lie to the right of all of the individual demand curves for a product. C. graphically is the vertical sum of the individual demand curves. D. will lie below all of the individual demand curves for a product.