Payments to households not in exchange for goods and services currently produced are:
A. transfer payments.
B. government purchases.
C. consumption expenditures.
D. investment expenditures.
Answer: A
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A unit of output whose production and sale adds less to cost than it generates in additional revenue is
A) a profitable unit to produce and sell if marginal cost declines with additional output. B) a profitable unit to produce and sell if total receipts exceed total costs. C) a profitable unit to produce and sell unless it must be sold at a price below average unit cost. D) a profitable unit to produce and sell.
International financial transactions are most likely to affect the U.S. monetary base when
A) the United States is in recession. B) the United States is experiencing a severe inflation. C) the Fed tries to influence the foreign-exchange value of the dollar. D) interest rates in the United States are highly variable.
If society were to experience an increase in its available resources its production possibilities frontier would:
A. shift out. B. shift in. C. not move. D. become convex.
If workers underestimate inflation, the aggregate supply curve will tend to be
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.