The long-run aggregate supply of an economy at the potential level of real GDP is graphically represented by:
a. a horizontal line.
b. an upward-sloping curve.
c. a downward-sloping curve.
d. a vertical line.
e. a backward bending curve.
d
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The American Recovery and Reinvestment Act of 2009 ________
A) was a result of the Obama administration adopting an activist approach to policymaking B) is still being debated after the fact in terms of its effectiveness C) was supported by some economists, and opposed by as many economists D) all of the above E) none of the above
Refer to Figure 9.4. If the government establishes a price floor of $40 and purchases the surplus, total consumer and producer surplus will be
A) $15. B) 30 widgets. C) $1,050. D) $1,200. E) $1,350
When you see a preview of a coming movie at the movie theater, this is
A) informational advertising. B) direct market advertising. C) indirect market advertising. D) persuasive advertising.
Minimum wage laws usually
a. increase the number of unskilled workers who are employed. b. benefit all unskilled workers. c. raise the wages paid to unskilled workers who are employed. d. All of the above are correct.