In the long run,
a. output, once determined, cannot be changed
b. price, once determined, cannot be changed
c. land and capital cannot be changed
d. all inputs are variable, that is, the quantities of all inputs can be changed
e. labor can be changed, but all other inputs are fixed
D
Economics
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If the natural unemployment rate is 5 percent and the actual unemployment is 3 percent, then Okun's Law concludes that real GDP is
A) 2 percent greater than potential GDP. B) 4 percent less than potential GDP. C) 3 percent greater than potential GDP. D) 4 percent greater than potential GDP. E) 2 percent less than potential GDP.
Economics
In the Keynesian model, firms are best characterized as
A) perfectly competitive. B) irrational. C) price takers. D) monopolistically competitive.
Economics