Monetarists assume that people form their expectations only by
a. looking forwards
b. looking backwards.
c. using all available information.
d. using publicly available forecasts.
B
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If it does not shut down, a perfectly competitive firm produces where marginal cost is equal to the marginal revenue
A) only in the short run. B) only in the long run. C) always to maximize its profit. D) only if it is not possible to produce where price equals average variable cost. E) only if it is not possible to produce where price is greater than average total cost.
According to AD-AS model, the primary long-run effect of increases in the money supply is
A) higher price level. B) higher GDP. C) lower price level. D) lower GDP.
A higher rate of saving at the national level will, in the long-run ________
A) cause a decrease in levels of capital and output B) have no effect on levels of capital and output C) lead to an increase in population growth D) cause an increase in levels of capital and output
Bid-rigging is more likely when
a. auctions are for larger amounts b. auctions are infrequent c. auctions are for smaller amounts d. the auctioneer is paid on commission rather than a fixed fee