Economic losses that might be recovered through legal action can include
A. only current monetary losses.
B. both current monetary and current non-monetary losses.
C. both current and future monetary and non-monetary losses.
D. only current non-monetary losses.
Answer: C
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Suppose most people had anticipated that inflation would be 3% in the coming year because the Fed would increase the money supply by 3%. Instead, the Fed increases the money supply by 5%
In the short run, this would cause actual output to be ________ full-employment output and prices to increase by ________ 3%. A) above; more than B) above; less than C) below; more than D) below; less than
In a market economy,
a. resources are distributed equally across the all possible uses. b. resources move to higher valued uses in response to changes in price. c. resource usage is independent of the price. d. most resources are distributed by the government. e. all of the above.
Which of the following profit functions exhibits a Leontief production function?
A. ? = P × (3K + 4L) ? 20L ? 35K B. ? = P × (3K0.5 + 4L0.5)1/0.2 ? 20L ? 35K C. ? = P × min(2L, 5K) ? 20L ? 35K D. ? = P × K0.75L0.50 ? 20L ? 35K
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true in this case?
A. Adam has an absolute advantage in oranges and a comparative advantage in apples. B. Karl has an absolute advantage in oranges and a comparative advantage in oranges. C. Karl has an absolute advantage in both apples and oranges. D. Karl has an absolute advantage and a comparative advantage in apples.