Figure 33-7
?
In Figure 33-7, the only sustainable long-run equilibrium position is at point
A. A.
B. B.
C. C.
D. D.
Answer: C
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Assume that each day a firm uses 13 employee-hours and an office to produce 100 units of output. The price of each unit output is $5, the hourly wage rate is $10, and rent on the office is $200 per day. Each day the firm earns a ________ of ________.
A. loss; $200 B. profit; $370 C. profit; $170 D. loss; $170
Refer to the table above. If imports falls to $45,000 in the next year, ________, all other variables remaining unchanged
A) gross domestic product will fall by $5,000 B) gross domestic product will fall by $ 10,000 C) gross domestic product will increase by $5,000 D) gross domestic product will increase by $ 10,000
The U.S. Postal Service has a monopoly over first-class mail service because
A) the government has granted this agency a public franchise. B) stamps are copyrighted. C) stamps are trademarked. D) stamps are patented. E) it owns a vital resource, namely all mailboxes.
Mitch makes payments on a car loan. If the price level a year ago was 120 and people expected it to rise to 125 but it actually rose to 128, what happened to the real value of Mitch's payment as opposed to what he was expecting to happen? Express your answer to the nearest 100th