During 2009-2010, the federal budget
What will be an ideal response?
ran a deficit of approximately 10 percent of GDP.
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A large government encounters a production possibilities frontier essentially the same as one faced by a business firm.
Answer the following statement true (T) or false (F)
Because of the biases in calculating the CPI, actual inflation is
A) accurately measured. B) less than the measured inflation rate by about 1 percent per year. C) more than the measured inflation rate by about 1 percent per year. D) more than the measured inflation rate by about 1 percent per month.
A cartel is a group of firms that
A) produce differentiated products. B) produce products that are complements. C) agree to restrict output to boost their profit. D) agree to boost output to boost their profit.
If a firm produces in a perfectly competitive output market,
a. then it demands its resources in perfectly competitive input markets b. then it demands labor in a perfectly competitive labor market c. the type of market in which it demands labor may be perfectly competitive or imperfectly competitive d. the labor demand curve is the same as its product demand curve e. the labor demand curve facing the firm is perfectly elastic