According to Keynes, an equilibrium below full employment is
A. impossible.
B. inevitable.
C. a strong possibility.
C. a strong possibility.
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Real GDP measures the value of goods and services produced in a given year using
A) base year prices. B) prices of that same year. C) future prices. D) no prices. E) government approved prices.
Economies of scale will create a barrier to entry in an oligopoly industry when
A) a firm's minimum efficient scale occurs where long-run average total costs are constant. B) the typical firm's long-run average total cost curve reaches a minimum at a level of output that is a small fraction of total industry sales. C) the industry's four-firm concentration ratio is less than 40 percent. D) the typical firm's long-run average total cost curve reaches a minimum at a level of output that is a large fraction of total industry sales.
Money serves as all of the following EXCEPT
A) a medium of exchange. B) a unit of account. C) a store of value. D) a symbol that is made of or can be redeemed for a fixed amount of precious metal. E) a highly liquid asset.
An individual has a comparative advantage in production if that individual: a. can produce at the highest opportunity cost. b. is more self-sufficient than others
c. can produce at the lowest opportunity cost. d. all of the above