Poverty is most likely to decrease in which of the following situations:
A. The population decreases and GDP stays constant.
B. Population and the economic growth rate both decrease.
C. The size of the labor force decreases.
D. Population grows more rapidly than GDP.
Answer: A
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The largest loss a profit-maximizing perfectly competitive firm can incur in the short run equals its
A) average variable cost multiplied by output. B) total fixed cost. C) marginal cost multiplied by the number of units produced. D) average total cost multiplied by the number of units produced. E) total variable cost.
The Keynesian mechanism through which monetary policy affects the price level, real GDP, and employment depends on the impact of the:
a. interest rate on savings. b. inflation on investment. c. interest rate on investment. d. interest rate on bond prices.
When the interest rate increases, the quantity demanded of money held to satisfy your
a. speculative motive rises b. precautionary motive rises c. transactions motive falls d. precautionary motive falls e. speculative motive falls
A total product curve shows the
a. aggregate output of many firms in an industry. b. amount of product consumers will take off the market. c. maximum amount of product that it is technically possible to produce. d. relationship between units of inputs and total output.