Along a short-run aggregate supply curve, which of the following is (are) held constant?
A) real GDP
B) aggregate demand
C) input prices.
D) profits
C
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The creation of the dust bowl and the migration of the "Okies" to California took place in the
A. 1920s. B. 1930s. C. 1940s. D. 1950s.
Suppose somebody made the following statement: "There will never be a substitute for Howard Stern, the radio shock-jock." According to the economic way of thinking, the above statement
A) is essentially true. B) is misleading because cloning already exists and it is a matter of time before people will be cloned. C) is incorrect because many people choose to listen to other programs as the perceived costs of listening to Howard Stern change. D) is essentially false because Howard Stern provides nothing of value to society.
During the Great Depression of the 1930s, unemployment peaked at _____%
a. 5 percent b. 10 percent c. 20 percent d. 25 percent e. 30 percent
Which of the following explains why long-run average cost at first decreases as output increases?
a. diseconomies of scale b. less-efficient use of inputs c. fixed costs becoming spread out over more units of output d. gains from specialization of inputs