A positive economic statement simply describes what is
a. True
b. False
Indicate whether the statement is true or false
True
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There are ________ members of the FOMC
A) 5 B) 7 C) 12 D) 19
If a monopolistically competitive firm is producing 450 units of output and at this output level, the price is $15 and the average total cost is $12, the firm profit/loss is equal to ________.
A) -$1,525 B) $1,350 C) -$1,350 D) $1,525
An example of an external force affecting the business cycle is
a. an inventory accumulation. b. the multiplier effect. c. a change in business attitudes toward investment. d. a change in the discount rate by the Fed.
When a country specializes and trades with other countries, it is most likely that it specializes in goods for which
A. it has no advantage. B. it has a comparative advantage. C. it has an absolute advantage. D. are very costly to produce.