The lon-run aggregate supply curve can be expressed by
A) output as a function of potential output.
B) inflation as a function of past inflation.
C) inflation as a function of past inflation and output gap.
D) output as a function of inflation and output gap.
A
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Economic rent is broadly defined as
A) a payment received by a landowner. B) a payment for the use of any resource that has a fixed supply. C) the return to owners of farmland. D) the dividend return on a share of stock.
(Consider This) The supply of higher education in the United States is
What will be an ideal response?
The long-run equilibrium of a monopolistically competitive firm is characterized by
A) a tangency of the average total cost curve with the firm's demand curve. B) price equal to marginal cost. C) production at the minimum point of the firm's average total cost curve. D) production at the minimum point of the firm's average variable cost curve.
If the MPS is 0.2, the tax multiplier is
A. -1.11. B. -4. C. -5. D. -9.