The United States experienced a zero interest rate bound
A. in the 1970s.
B. in the 1980s.
C. in the 1990s.
D. starting at the end of 2008.
Answer: D
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For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the
A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.
Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. all of the following b. a higher price c. decreased consumer surplus d. the elimination of economic profit e. less output
If the price level rises, the aggregate expenditure curve shifts downward and the economy moves up the aggregate demand curve
Indicate whether the statement is true or false
You bake cookies. One day you double the time you spend, double the number of chocolate chips, flour, eggs, and all your other inputs, and bake twice as many cookies. Your cookie production function has
a. decreasing returns to scale. b. zero returns to scale. c. constant returns to scale. d. increasing returns to scale.