Empirically it takes nearly ________ years for monetary policy to have its full effect on output
A) 2
B) 1
C) 3
D) 4
A
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The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the average product associated with hiring the fourth worker?
A) 40 shirts B) 55 shirts C) 50 shirts D) 220 shirts
Suppose people value clean air more as their incomes increase. What would happen to the optimal amount of clean air as a country develops economically? Is there an economic prediction we can make from this?
What will be an ideal response?
When the indifference curve is tangent to the budget constraint,
a. a consumer cannot be made better off without an increase in her income or a price decrease in one of the goods she consumes. b. the consumer is likely to be at a sub-optimal level of consumption. c. income is at its optimum for a consumer. d. indifference curves are likely to intersect.
One potential problem with having private currencies-such as "Bank of Sam" dollars and "Bank of Fred" dollars-is that it will be difficult for individuals to
A. compare Sam dollars to Fred dollars. B. keep both Sam dollars and Fred dollars in their wallets. C. discourage both Sam and Fred from inflating their currencies. D. trade Sam dollars for Fred dollars.