The price reflecting the true social opportunity costs of a resource is known as
(a) a shadow price.
(b) an equilibrium price.
(c) a world price.
(d) a price index.
A
Economics
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In South Asia and Sub-Saharan Africa, about what share of output is contributed by agriculture?
(a) One tenth. (b) One fifth. (c) Two fifths. (d) One half.
Economics
The vertical long-run aggregate supply curve reflects the fact that in the long run, an increase in the price level
a. will not alter the economy's maximum sustainable rate of output. b. will increase the economy's maximum sustainable rate of output. c. will reduce the quantity of goods and services purchasers will demand. d. will improve the overall efficiency of resource use.
Economics