Refer to Scenario 10.1. The price of her product will be ________
A) 4
B) 22
C) 32
D) 42
E) 72
B
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Short run economic costs must be lower than long run economic costs because long run economic costs include the cost of inputs that are fixed in the short run (and thus are not part of short run cost).
Answer the following statement true (T) or false (F)
An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self-interest always contradicts social interest." Do you agree or disagree? Substantiate your answer
What will be an ideal response?
The third monetarist proposition asserts that in the short run,
a. changes in money demand are the dominant factor causing cyclical movements in output and employment. b. money supply is only one of many factors resulting in cyclical movements in output and employment. c. money primarily influences the price level and other nominal magnitudes. d. None of the above
Assuming the Fed is following the Taylor Rule, if inflation is 3 percent, target inflation is 2 percent, and output is 1 percent above potential, what would you predict would be the Fed funds rate target?
A. 5 percent B. 5.5 percent C. 4 percent D. 6 percent