The long-run supply curve for a competitive constant-cost industry is:
a. horizontal.
b. vertical.
c. upward-sloping.
d. downward-sloping.
a
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One of the reasons the pound depreciated in 1992 was:
A) because Britain was running out of stock of foreign currency reserves. B) because Britain started exporting more than it imported C) because Britain started importing more than it exported. D) because speculative trading had decreased in foreign exchange markets.
If the money wage rate is constant and the price level increases, what happens to the real wage rate, firms' profits, and the aggregate quantity supplied?
What will be an ideal response?
Technological innovation is not subject to diminishing marginal returns because: a. it can be used by workers across the economy at a low marginal cost
b. it can result in a rightward shift of the aggregate production function of an economy. c. it can result in a rightward shift of the production possibilities frontier of an economy. d. it can be used by skilled as well as unskilled workers across the economy.
Which of the following was NOT a contributing factor to the turmoil in the global stock market in the last few years?
A) a decline in oil prices B) the revaluation of the euro C) emerging markets lowering interest rates D) a rise in interest rates in the United States