Compared to a firm that has many small plants, a firm with a few large plants is likely to have all of the following except which one?
A) greater managerial diseconomies
B) less managerial diseconomies
C) fewer inputs
D) greater availability of specialized capital
A) greater managerial diseconomies
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If real disposable income is $300 billion and real consumer expenditures are $250 billion, it can be assumed that
a. the government is spending the difference. b. the difference is being invested. c. households are saving the difference. d. transfer payments make up the difference.
According to the theory of rational expectations, the government can influence output
a. with appropriate fiscal and monetary policy. b. in the short run, but not in the long run. c. without affecting the price level. d. only by making unexpected changes in aggregate demand.
If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
A. The supply of labor will increase. B. The demand for labor will increase. C. The supply of labor will decrease. D. The demand for labor will decrease.
The level of real GDP in the long run is
A) called potential GDP. B) affected by changes in the price level. C) determined solely by aggregate demand. D) the same as the level of nominal GDP in the long run.