If the long-run supply curve in a perfectly competitive industry is upward sloping, this is because
A) firms are different.
B) firms are identical.
C) input prices rise as the industry expands.
D) Either A or C.
D
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Concerning auctions, what is the definition of a "common-values setting"?
a. Bids are submitted using open outcries. b. Bids are submitted simultaneously, and the highest is selected as the winner. c. Bidders value the object the same, but are uncertain as to what that value is. d. Bids are submitted by syndicates of cooperating bidders.
Which of the following is true of lags associated with discretionary policy?
a. Such lags extend only from the time a problem occurs in the economy through the time it is recognized by the government. b. Such lags extend only from the time a problem is recognized by the government through the time an agreed-on policy is approved of. c. Such lags extend only from the time a policy is approved through the time the policy is implemented. d. Such lags can be reduced by taxation. e. Such lags extend only from the time a problem occurs in the economy through the time a corrective policy has an impact on the economy.
Gross domestic product is calculated by adding together
A. the number of goods and services produced in the economy. B. money value of final goods and services. C. number of workers employed in national production. D. all commodities but not services produced in the economy.
Suppose the CPI in 1990 is 500, with 1967 as the base year. On average, how much money must be spent in 1990 to purchase the same quantity of goods and services that could have been bought with $10 in 1967?
A. $50 B. $5 C. $400 D. $500