In determining the beginning of recessions, the NBER Business Cycle Dating Committee looks for evidence of decline in:
A. the rate of inflation.
B. specific sectors of the economy.
C. the stock market.
D. the entire economy.
Answer: D
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If the income elasticity of money demand is 3/4 and income increases 8%, by about how much does the price level change?
A) Falls by 6% B) Unchanged C) Rises by 6% D) Rises by 8%
In an environment characterized by perfect competition, we expect that ________
A) there are very few firms in the economy B) there are many firms in the economy but a very few have the lion's share of the industry C) the are many small firms in the economy and every single firm is a price taker D) the government sets prices for all firms E) none of the above
Total factor productivity is the ratio of a:
a. firm's marginal revenue to its marginal cost. b. firm's total revenues to its total costs. c. nation's total income to its total output. d. nation's output to its stock of labor and capital. e. nation's savings to its capital stock.
When the curve that envelops the series of possible short-run average total cost curves is horizontal, this means that there are
a. economies of scale b. diseconomies of scale c. constant returns to scale d. diminishing returns e. some fixed factors of production