Technological efficiency occurs when it is not possible for a firm to get more output from the inputs it is currently using
Indicate whether the statement is true or false
TRUE
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The loanable funds market is also referred to as the:
A) spot market. B) credit market. C) exchange market. D) capital market.
When the change in unplanned inventories is positive, then
A) planned inventories will increase in order to return to equilibrium. B) real GDP is less than aggregate planned expenditure. C) real GDP equals aggregate planned expenditure. D) real GDP is larger than aggregate planned expenditure. E) economic growth will occur as the economy returns to equilibrium.
Which of the following workers is least likely to lose his/her job during a recession?
A. A roofer B. A carpenter C. A police officer D. An automobile assembly worker
Suppose that a profit-maximizing monopoly firm undergoes a substantial technological change that reduces its marginal and average total costs by $40. If in response to its reduction in cost the firm changes its price in a profit-maximizing way, then we can predict that its total economic profit will:
A. rise. B. remain unchanged. C. It is not possible to make a determination from the information given. D. fall.