The long-run equilibrium for a monopolistically competitive firm is efficient because its produces where MR = MC.
Answer the following statement true (T) or false (F)
False
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During George W. Bush's presidency
A. the job market was quite robust. B. The United States' federal budget deficit hit a record high. C. the federal budget surpluses in the last years of the Clinton presidency continued. D. we experienced a very high inflation rate.
Given that all countries have the same Cobb-Douglas production function, i.e. Y/N = (K/N)b, a ten-fold difference in per capita income requires a difference in capital per capita by a factor of
A) 10. B) 10b. C) 101/b. D) b.
When the price of a good decreases:
A. the good becomes less expensive relative to other goods and the consumer's purchasing power increases. B. the good becomes less expensive relative to other goods and the consumer's purchasing power decreases. C. the good becomes more expensive relative to other goods and the consumer's purchasing power increases. D. the good becomes more expensive relative to other goods and the consumer's purchasing power decreases.
Some say the ECB draws too heavily on the German model. What is its major focus?
A) reliance on the ability of the European parliament to engage in fiscal policy when necessary B) the notion that the economy needs monetary stimulus to weather frequent recessions C) that the unemployment problem, especially in Eastern Europe, should take priority over price stability D) that price stability (low inflation) is the primary policy goal, separated from political influence or having to address regional economic slowdowns