Opportunity cost refers to how many inputs a producer requires to produce a good
a. True
b. False
Indicate whether the statement is true or false
False
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According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility
A) increases. B) decreases. C) is unchanging. D) is zero.
Based on the transactions in the above table, what is the change in the U.S. capital account?
A) $9,800 B) $10,000 C) -$20,000 D) -$20,200
In the long run, unemployment will be at the natural rate. This implies that
A. there is a one-to-one relationship between unemployment and inflation and consequently, the Phillips curve is vertical. B. there is no relationship between unemployment and inflation and consequently, the Phillips curve is vertical. C. there is a positive relationship between unemployment and inflation and consequently, the Phillips curve is upward-sloping. D. there is a negative relationship between unemployment and inflation and consequently, the Phillips curve is downward-sloping.
Which of the institutions has influence over the United States Federal Reserve (the Fed)?
A) The United States Senate B) The Federal Reserve Board of Governors C) The President of the United States D) All of the above