In the above figure, the short-run macroeconomic equilibrium is at the price level ________ and the real GDP level ________

An implication of the return-to-entrepreneurship curve is that:

A) for a relatively lower return, there will be more entrepreneurs with at least that return. B) all entrepreneurs in an economy with inclusive institutions have exactly the same return. C) all entrepreneurs in an economy with extractive institutions have exactly the same return. D) for a relatively lower return, there will be fewer entrepreneurs with at least that return.

A one-tail test of significance would be used to determine whether

A) demand for a good is price elastic. B) two goods are substitutes for each other in supply. C) two goods are unrelated to each other in demand. D) supply of a good is price inelastic.