The long run is a time period of sufficient length to enable
producers to alter their use of fixed capital (the size of their plant and
equipment).
producers to alter their output by utilizing labor and raw materials more
intensively.
decision makers to adjust fully to a change in market conditions.
Both a and c are correct.
Producers will be most likely to help consumers acquire accurate information
at a low cost when
advertising expenses are considered a fixed cost for tax purposes.
the producers incur external costs by providing such information to
consumers.
the good produced is a repeat-buy item and sales depend on the satisfaction
of customers.
the product sold is a near public good.
(1) The three reasons why the aggregate demand curve slopes downward are
the international substitution effect, the real balance effect, and the interest
rate effect.
(2) The aggregate demand curve shows the relationship between the aggregate
quantity of goods and services demanded and the general price level in an
economy.
I is true; II is false.
I is false; II is true.
Both I and II are true.
Both I and II are false.
The crowding-out effect suggests that
expansionary fiscal policy causes inflation.
restrictive fiscal policy is an effective weapon against inflation.
reduction in private spending resulting from the higher interest rates caused
by a budget deficit will largely offset the expansionary impact of a pure
fiscal action.
a budget surplus will cause the private demand for loanable funds, the
interest rate, and aggregate demand to fall.
Under the rational expectations hypothesis, which of the following is the most
likely short-run effect of a move to expansionary monetary policy?
higher prices and no change in real output
higher prices and real output
no change in prices and lower real output
no change in prices or real output
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