A recessionary gap is usually closed in the long run by a(n):
a. rightward shift of the short-run aggregate supply curve
b. leftward shift of the short-run aggregate supply curve.
c. rightward movement along a fixed short-run aggregate supply curve.
d. decrease in aggregate demand.
e. leftward movement along a fixed short-run aggregate supply curve.
a
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Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 690 machines. Suppose Jill adds one more worker and, as a result, her factory's output increases to 700 Jill's marginal product of labor from the last worker hired equals ________.
A) 10 B) 20 C) 690 D) 700 E) None of the above answers is correct.
Revenue equivalence ________ hold when the item being auctioned has independent private values and ________ hold when the item being auctioned has a common value.
A) does not; does not B) does; does not C) does; does D) does not; does
Imports are the goods and services that are produced abroad and then purchased domestically
a. True b. False Indicate whether the statement is true or false
At the current pace of oil consumption and given what oil is known to exist and what oil is expected to be discovered, oil reserves are likely to
A. never run out. B. run out sometime between 2050 and 2100. C. run out before 2025. D. run out sometime between 2025 and 2050.