Firms are organizations that
A. transform outputs into inputs.
B. take advantage of the public.
C. demand consumer outputs.
D. transform resources into products.
Answer: D
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Under adaptive expectations, the short-term effect of an unanticipated shift to a more expansionary macroeconomic policy will be a:
a. temporary reduction in the unemployment rate. b. permanent reduction in the unemployment rate. c. temporary reduction in the inflation rate. d. permanent reduction in the inflation rate.
All food bought in the United States has an ingredient list on the packaging. This is an example of:
A. building a reputation. B. screening. C. requiring the more informed party to reveal missing information. D. signaling.
Budget deficits are appropriate during
A. recessions, but not inflations. B. inflations, but not recessions. C. recessions and inflations. D. neither recessions nor inflations.
Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserve ratio is 25 percent, the banking system can expand the supply of money by a maximum of:
A. $75,000 B. $25,000 C. $5,000 D. $100,000