The nominal rate of interest is equal to the real interest rate plus the inflation rate
a. True
b. False
Indicate whether the statement is true or false
True
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The figure above shows the costs for a grower in the perfectly competitive turnip industry. If the price is $1,400 for a ton of turnips, the firm is
A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.
A firm's total revenue is equal to
a. total quantity produced times marginal cost. b. total quantity produced times market price. c. marginal revenue times total quantity produced. d. market price divided by total quantity produced.
In the upward-sloping segment of the aggregate supply curve,
a. increases in output are linked to decreases in the price level b. increasing prices drag down resource costs c. producers can hire more workers without having to raise the wage rate d. the economy can increase aggregate supply without increasing the price level e. firms are willing to pay higher wages to get more resources
Cartels that set prices and allocate sales among their member firms were commonly referred to in the late 19th century as
A. conglomerates. B. trusts. C. monopolies. D. multinationals.