A shift from AS1 to AS2 would be consistent with what economic event in U.S. history?
Refer to the graph above.
A. Demand-pull inflation in the late 1960s
B. Cost-push inflation in the mid-1970s
C. Full-employment in the late 1990s
D. Great Recession in 2007-2009
B. Cost-push inflation in the mid-1970s
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You would expect that your firm is experiencing decreasing returns to scale if
a. Long run average costs increase with output b. Long run average costs decrease with output c. Long run average costs are constant with respect to output d. None of the above
A natural experiment occurs when an endogenous event changes the environment in which individuals, families, firms, or cities operate.
Answer the following statement true (T) or false (F)
Which of the following statements is correct?
A. Export sales are not important to U.S. industries because U.S. GDP is so large. B. Many U.S. industries are very dependent on export sales. C. The United States is increasingly dependent on exports, but not on imports. D. The United States would not be affected if it quit importing goods.
If the cross-price elasticity is positive, we can conclude that the two goods are ______ because the price of one good and the demand for the other move in the same direction.
a. complements b. substitutes c. counterparts d. identical