________ choose the quantities of goods and services to produce, while ________ choose the quantities of goods and services to buy
A) Households; firms
B) Firms; households and the government
C) The government; firms
D) Firms; only households
E) Households; the government
B
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Which of the following results in a movement upward along the demand curve for movies?
A) a decrease in the price of movie tickets B) a decrease in income, assuming that movies are a normal good C) a decrease in the price of NetFlix, a substitute for movies D) an increase in the price of movie tickets E) an increase in income, assuming that movies are a normal good
Which of the following is not a monetary policy tool of the Fed?
A) changing the required reserve ratio B) changing the discount rate C) setting the price level and the market rate of interest D) conducting open market operations
Diseconomies of scale are associated with
A. an upward-sloping long-run average cost curve. B. a horizontal long-run average cost curve. C. a downward-sloping long-run average cost curve.
A nation's GDP is
A. The total amount of money in circulation. B. The total market value of all intermediate goods and services. C. The sum of value added at some stages of the production process. D. C + I + G + (X - M).