Many economists think that, in the long run, the economy tends to move toward
a. the natural or full-employment rate of unemployment.
b. the natural or full-employment rate of inflation.
c. a severe slump with high unemployment.
d. an accelerating rate of inflation.
a
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Consumer surplus is the area
A) below the demand curve and above the market price. B) below the supply curve and above the market price. C) above the demand curve and below the market price. D) above the supply curve and below the market price. E) below the demand curve and above the supply curve.
Marginal cost
a. is the increase in total cost resulting from production of one additional unit of output. b. is the cost of the marginal unit of output. c. and the average cost curve are U-shaped. d. All of the above are correct.
If you deposit $1,000 into a savings account that pays you 5% interest per year, approximately how long will it take to double your money?
a. 8 years b. 10 years c. 12 years d. 14 years
If the real exchange rate for the dollar is below the equilibrium level, the quantity of dollars supplied in the market for foreign-currency exchange is
a. less than the quantity demanded and the dollar will appreciate. b. less than the quantity demanded and the dollar will depreciate. c. greater than the quantity demanded and the dollar will appreciate. d. greater than the quantity demanded and the dollar will depreciate.