Short-run cost relationships for a firm are
A) determined by the law of diminishing marginal product.
B) determined by the specific long-run relationships that exist.
C) due to the level of wages relative to other input prices.
D) due to the normal contractual relations in a market.
Answer: A
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Swiss attempts to target monetary aggregates ended in the 1990s because ________
A) the expectations of Swiss households had evolved from being adaptive to rational B) structural changes in the economy had rendered existing practices inflationary C) of the resulting increase in interest rates D) the ensuing deflation increased the real value of debt held by Swiss manufacturing firms
The Federal Open Market Committee consists of
A) 12 members, each of which is the president of one of the 12 regional Federal Reserve banks. B) the seven members of the Board of Governors , the Chairman of the Fed, the U.S. Treasury Secretary, and the president of the Federal Reserve Bank of New York. C) the chairman of the Fed, the chairman of the president's council of economic advisors, the U.S. Treasury Secretary, and 4 of the 12 Federal Reserve Bank presidents who serve on a rotating basis. D) the seven members of the Board of Governors , the president of the Federal Reserve Bank of New York, and 4 other Federal Reserve Bank presidents.
Specialization and the division of labor typically result in
A) cost overruns. B) increased output. C) decreased output. D) a greater reliance upon imports.
Which of the following variables is a flow concept?
a. Gross domestic product b. Assets c. Wealth d. Money supply e. Saving