Explain what is meant by the term production
What will be an ideal response?
Production is the process by which inputs are combined, transformed, and turned into outputs.
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New Keynesians conclude that
A) appropriate activist policies will increase the length of cyclical fluctuations. B) appropriate activist policies will have an known effect on the length of cyclical fluctuations. C) appropriate activist policies can dampen cyclical fluctuations. D) none of the above.
If the CPI decreases from one year to the next, then the inflation rate is
A) negative. B) 0. C) below 100. D) above 100. E) positive.
Graphically, producer surplus is the area:
a. above the equilibrium price and below the demand curve. b. below the equilibrium price and below the supply curve. c. above the supply curve and below the demand curve. d. below the equilibrium price and above the supply curve. e. below the equilibrium price and above the demand curve.
The Board of Governors of the Federal Reserve is:
a. appointed by the president, and each governor serves a 7-year term. b. appointed by the president, and each governor serves a 14-year term. c. elected by Congress, and each governor serves a 10-year term. d. elected by Congress, and each governor serves a 4-year term. e. elected by Congress, and each governor serves a 7-year term