During World War II, a nation's opportunity cost of devoting resources to the war effort was ______________.
Fill in the blank(s) with the appropriate word(s).
producing fewer civilian goods
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If there are no changes in inflation expectations, a purchase of government bonds by the Fed in the open market will cause ________
A) the federal funds rate to rise and the long-run expected real interest rate to fall B) both the federal funds rate and long-run expected real interest rate to fall C) both the federal funds rate and long-run expected real interest rate to rise D) the federal funds rate to fall and the long-run expected real interest rate to rise
Abandonment of continual active discretionary counter-cyclical policies is advocated by
A) Keynesians. B) Monetarists. C) both Keynesians and Monetarists. D) neither Keynesians nor Monetarists.
Assume Claudia's budget constraint is demonstrated by line A in the graph shown. Which of the following would cause Claudia's budget constraint to shift to line C?
A. The price of books dropped.
B. The price of movie tickets dropped.
C. Claudia's preferences for these two goods decreased.
D. Claudia’s income decreased.
What is total revenue for a firm?
What will be an ideal response?