A monopolist's short-run supply curve is
a. its average fixed cost curve
b. the part of the marginal cost curve above the average variable cost curve
c. the part of the marginal cost curve below the average variable cost curve
d. nonexistent
e. its demand curve
D
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For a borrower, an increase in the real interest rate
A) definitely reduces current consumption and increases future consumption. B) reduces current consumption and has an uncertain effect on future consumption. C) has an uncertain effect on current consumption and increases future consumption. D) has an uncertain effect on both current and future consumption.
In the short run, real GDP can increase beyond a level consistent with the long-run growth path if
A) existing capital and labor are used more intensely. B) the price level decreases accordingly. C) we measure in nominal terms instead of real terms. D) there is an increase in marginal tax rates.
Advocates of antipoverty programs claim that
a. the government has good information about what people are willing to pay to eliminate poverty. b. fighting poverty is a public good. c. private sector will incur higher costs than the public sector for these programs. d. All of the above are correct.
If average labor productivity increases while population and the number of employed workers remain constant, then total output:
A. decreases. B. may increase or decrease. C. remains constant. D. increases.