The long-run aggregate supply curve
A. shows that long-run aggregate supply equals potential real Gross Domestic Product (GDP).
B. is very sensitive to changes in the price level.
C. slopes up and to the right.
D. shows that at higher prices, potential real Gross Domestic Product (GDP) increases.
Answer: A
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Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year B) The total amount steel used in the production of automobiles in that year C) The total amount of flour used by bakeries to make bread in that year D) An unused stock of goods produced in the previous year
An increase in population can be expected to
a. increase the marginal product of land. b. decrease the supply of land. c. decrease the rents on land. d. decrease the demand for land.
Figure 3-18
Refer to . Which area represents the increase in consumer surplus when the price falls from P1 to P2?
a.
ABD
b.
ACF
c.
DEF
d.
BCFD
Which region has the largest number of children working?
What will be an ideal response?