If the short run elasticity of supply for a product is 0.8, in the long run elasticity, supply:
a. Is inelastic
b. Is unit elastic.
c. Is inelastic.
d. Any of the above could be true of the product's long run elasticity of supply.
d
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Ceteris paribus, as real GDP expected growth ________, investment spending ________
A) increases; decreases B) increases; increases C) decreases; increases D) changes; does not usually change
The Monetarist model expands the Keynesian model by proposing that
A) decreases in the quantity of money lead to higher interest rates. B) the government should lower taxes promote economic growth. C) decreases in tax rates generate higher consumption. D) decreases in the growth rate of the quantity of money trigger expansions by controlling inflation. E) markets should be left alone to determine the optimal outcome.
Sometimes the only information that is available with the employers when they hire someone is information that may be imperfectly related to productivity in general and may not apply to a particular person at all
a. True b. False Indicate whether the statement is true or false
The growth rate of potential GDP is the sum of the growth rates of
a. labor force and population. b. labor force and labor productivity. c. labor force and capital stock. d. labor productivity and capital stock.