The short-run aggregate supply curve shows the relationship between ____ and ____, holding all other factors constant
a. a price level, the quantity of real GDP supplied
b. price level, the supply of real GDP
c. nominal GDP, the price level of real GDP
d. the quantity of nominal GDP supplied, the price level
a
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Which of the following statements is true of the long run?
A) Identical firms can enjoy positive economic profits. B) Identical firms face an upward-sloping supply curve. C) Non-identical firms can enjoy positive economic profits. D) Non-identical firms face a horizontal supply curve.
Refer to Table 2-10. Which of the following statements is true?
A) Barney has a comparative advantage in making unicycles and Fred in making pogo sticks. B) Barney has a comparative advantage in making pogo sticks and Fred in making unicycles. C) Barney has a comparative advantage in making both products. D) Fred has a comparative advantage in making both products.
Common stocks are ____ risky for the issuing corporation and ____ risky for the corporation’s stockholders, compared to other financial assets, such as bonds.
A. unusually; unusually B. less; more C. more; less D. very; not
In an input market, economic rent is defined as the:
a. total remuneration paid to a factor of production. b. minimum amount required to retain a factor of production in its present use. c. total cost for a firm of renting land, equipment, and buildings. d. extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.