Which of the following statements is true?
A) Proximate causes of prosperity are shaped by fundamental causes of prosperity.
B) Proximate causes of prosperity are effective only in the short run.
C) Fundamental causes of prosperity are effective only in the short run.
D) Fundamental causes of prosperity are shaped by proximate causes of prosperity.
A
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The long-run supply curve of a firm is:
A) its marginal cost curve. B) its average total cost curve. C) the portion of its marginal cost curve that lies above its average total cost curve. D) the portion of its marginal cost curve that lies below its average total cost curve.
According to the rational expectations theory, monetary policy is fully anticipated and therefore only affects: a. the level of real GDP
b. the level of real investment. c. the price level. d. the level of real consumption. e. the level of exports.