From a monetarist perspective, instability in the macro economy arises from:
A. Secular trends in the economy
B. The instability of velocity as a policy tool
C. Discretionary changes in monetary policy
D. The use of a monetary rule for monetary policy
C. Discretionary changes in monetary policy
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The accumulated training and education that you have is
A) physical capital. B) entrepreneurship. C) economic goods. D) human capital.
If resource prices rise and the per-unit cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will:
a. be perfectly elastic (a horizontal line). b. be perfectly inelastic (a vertical line). c. slope upward to the right. d. be more inelastic than the short-run supply curve for the product.