If GDP growth were to increase, it would cause the labor:
A. demand curve to shift left.
B. supply curve to shift right.
C. demand curve to shift right.
D. supply curve to shift left.
Answer: C
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When a factor of production is in fixed supply, the revenue it earns
a. consists entirely of rent. b. is an efficiency wage. c. is independent of how the resource is used. d. consists entirely of deadweight loss.
A point inside the production possibilities frontier is ________ while a point outside the frontier is ________.
A. below the maximum possible; the maximum possible B. unattainable; attainable C. attainable; unattainable D. the maximum possible; below the maximum possible
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . At what price would the firm consider shutting down in the short run?
a. $10 b. $25 c. $65 d. $70
Which of the following is true if marginal costs increase at a slow rate as output increases? a. The short-run aggregate supply curve is relatively steep. b. The short-run aggregate supply curve becomes vertical
c. The short-run aggregate supply curve is relatively flat. d. The long-run aggregate supply curve becomes horizontal. e. The long-run aggregate supply curve becomes downward sloping.