Production efficiency exists when the least cost combination of inputs is used to produce output
a. True
b. False
A
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If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase. B) the demand for butane would decrease. C) the demand for butane would increase. D) the quantity of butane demanded would decrease.
When U.S. banks borrow from one another, they must pay the
A) discount rate. B) prime rate. C) Fed funds rate. D) Interbank Offer Rate.
What is the name of the group which decides when recessions begin and end?
A) the Business Cycle Dating Committee B) the Bureau of Labor Statistics C) the Commerce Department D) the Federal Reserve Open Market Committee
Positive analysis:
A. involves the formulation and testing of hypotheses. B. involves value judgments concerning the desirability of alternative outcomes. C. weighs the fairness of a policy. D. examines if the outcome is desirable.