In a long-run perfectly competitive equilibrium
A) P = MR = MC > ATC.
B) P = MR > MC = ATC.
C) P = MR = MC = ATC.
D) P > MR > MC = ATC.
C
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Which of the following is included in GDP?
a. The imputed rental value of a family-owned home b. The sale prices of all previously built homes c. Social security payments to retirees d. The salary of a U.S. scientist working in a foreign country e. Purchases of stocks and bonds
The more modest alternative to the big-push approach, unbalanced development strategy investments, relies on
a. government planning and financing b. domestic entrepreneurial talent and private investment c. direct foreign aid and investment d. indirect foreign aid and World Bank aid e. forward and backward linkages to offset each other
Fiscal policy is determined by
a. the president and Congress and involves changing government spending and taxation. b. the president and Congress and involves changing the money supply. c. the Federal Reserve and involves changing government spending and taxation. d. the Federal Reserve and involves changing the money supply.
Which combination of shifts of aggregate demand and supply would definitely cause an increase in real GDP?
A. Demand shifts to the right and supply shifts to the right. B. Demand shifts to the left and supply shifts to the right. C. Demand shifts to the right and supply shifts to the left. D. Demand shifts to the left and supply shifts to the left.