The long-run supply curve for a perfectly competitive, constant-cost industry
A) is found by adding up the marginal cost curves for all firms in the industry.
B) is horizontal.
C) is upward-sloping.
D) is downward-sloping.
B
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The current account surplus
A) is a decreasing function of disposable income and an increasing function of the real exchange rate. B) is an increasing function of disposable income and an increasing function of the real exchange rate. C) is an increasing function of disposable income and a decreasing function of the real exchange rate. D) is a decreasing function of disposable income and a decreasing function of the real exchange rate. E) is an increasing function of disposable income and a decreasing function of aggregate demand.
Based on the table "Real and Nominal GDP," if year one is the base year, then the GDP deflator for year two is ________
A) 95.5 B) 123.5 C) 118 D) 104.7 E) 116.6