In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. downward sloping.
B. perfectly elastic.
C. upward sloping.
D. perfectly inelastic.
Answer: B
Economics
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Complete crowding out occurs when
A) monetary policy has no effect on income. B) fiscal policy has no effect on income. C) monetary policy has no effect on interest rates. D) fiscal policy has no effect on interest rates.
Economics
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
An increase of one worker will increase real GDP by A) $8. B) $50,000. C) $720,000. D) $6,000,000.
Economics