The quantity theory of money and prices assumes
A. velocity is increasing at a constant rate.
B. the price level is constant.
C. the price level is increasing at a constant rate.
D. velocity is constant.
Answer: D
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Common resources are those that are:
a. excludable and rivalrous. b. excludable and nonrivalrous. c. nonexcludable and nonrivalrous. d. nonexcludable and rivalrous.
Which of the following is a determinant of productivity?
a. human capital per worker b. physical capital per worker c. natural resources per worker d. All of the above are correct.
In addition to the economic stimulus provided by a public works project during a recession, the government is able to provide some services to the population in future years
A. at no cost. B. at least cost. C. in a timely fashion. D. reducing the need for automatic stabilizers.
Exhibit 7-16 Short-run cost curves for a competitive firm
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In Exhibit 7-16, the firm should shut down in the short run if the market price of its product falls below:
A. $20 per unit. B. $30 per unit. C. $50 per unit. D. $80 per unit.