For production to be at the ________ level of output, marginal benefit must equal social cost.
A. shut-down
B. loss-minimizing
C. efficient
D. profit-maximizing
Answer: C
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
What is a fractional reserve banking system? How long has the fractional reserve banking system been in existence?
What will be an ideal response?
Which of the following general principles does the following graph demonstrate?
a. With a few exceptions, the U.S. unemployment rate remains relatively constant over
the course of any given decade.
b. The U.S. unemployment rate remains around 5 percent except during periods of
economic contraction.
c. The U.S. unemployment rate almost always rises during periods of economic
contraction.
d. Although there have been some fluctuations, the U.S. unemployment rate has
generally risen between 1900 and 2017.
In economics, the term "autonomous" means
A. existing independently. B. excessive spending. C. non-economic related. D. disposable income.