Which point shows where the United States economy was temporarily operating during World War II, when we had reduced the unemployment rate to about two percent?
A. Point A
B. Point B
C. Point C
D. Point D
B. Point B
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The interest rate that banks charge other banks for loans is the
A) discount rate. B) prime rate. C) federal funds rate. D) Treasury bill rate.
One of the assumptions underlying the production possibilities curve is that
A) at least one of the factors of production is a free good. B) the quantity of the resources available for the production of economic goods is fixed over a given time period. C) there is at least one factor of production that is employed inefficiently. D) some of the factors of production are not being used.
The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called the
a. producer surplus b. substitution effect c. price discrimination d. income effect e. consumer surplus
Use the following graph to answer the next question.
At its short-run equilibrium, this pure monopoly generates ________.
A. a loss B. an economic profit C. zero revenue D. a normal profit