In which of the following economic theories is it possible for an increase in the money supply to lead to a decrease in Real GDP in the short run?
A) Keynesian theory
B) Monetarist theory
C) New classical theory
D) a and b
E) a and c
C
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Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 60 thousand spoons C) 16 thousand spoons D) 12 thousand forks
A consumer becomes loyal to a product when:
a. the good is available at a very low price. b. the product is as good as its substitutes. c. the product comes with a gift occasionally. d. he/she has had a positive experience with that good. e. discounts are offered periodically.
Developing countries can be expected to have a comparative advantage in industries requiring a relatively large amount of skilled labor
a. True b. False Indicate whether the statement is true or false
Graphically, economies to scale are illustrated by
A) a downward sloping long-run average cost curve. B) a horizontal long-run average cost curve. C) an upward sloping long-run average cost curve. D) a long-run average cost curve that is shaped like an upside down U.