The income to someone such as Lebron James is
a. mostly pure rent.
b. composed of a payment necessary to induce him into employment plus economic rent.
c. a return to a factor in fixed supply; there is only one of him.
d. All of the above are correct.
d
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Refer to the scenario above. The interest earned on the sum deposited is:
A) $300. B) $1,000. C) $1,300. D) $2,300.
What is the relationship between the balance of trade and the current account balance?
What will be an ideal response?
The long-run average cost curve
a. is a composite of short-run AC curves. b. shows the lowest possible short-run AC corresponding to each output level. c. depends on the firm's planning horizon. d. All of the above are correct.