Social Security payments are examples of:
A. nondurable goods.
B. durable goods.
C. services.
D. transfer payments.
Answer: D
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For a particular production function, over the range of output where marginal product rises as units of the variable input are added to the fixed input, marginal cost will be:
A) increasing. B) constant. C) decreasing. D) cannot be determined without additional information.
Which of the following statements is correct?
a. It is impossible for a country to fix its exchange rate and have an independent monetary policy at the same time. b. Flexible exchange rates are always superior to fixed exchange rates. c. Whether flexible exchange rates or fixed exchange rates are better for a nation depends on the characteristics of the economy. d. The level at which the exchange rate is fixed does not have any implications on the amount of interaction needed by the central bank to sustain the regime of fixed exchange rate.
How do we show the short-run impact of an increase in spending growth in our aggregate demand and aggregate supply model?
A. The AD curve shifts to the right, and inflation and real growth both decrease along the SRAS curve. B. The AD curve shifts to the right, and inflation and real growth both increase along the SRAS curve. C. The AD curve shifts to the left, and inflation and real growth both decrease along the SRAS curve. D. The AD curve shifts to the left, and inflation and real growth both increase along the SRAS curve.
The price system has
A. prices fixed by the government. B. prices fixed by the seller. C. prices fixed by the producer. D. voluntary exchange.