If a firm produces a given amount of output using the least amount of inputs, it definitely achieves economic efficiency
Indicate whether the statement is true or false
FALSE
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In order to hire an additional worker, a monopsony must pay
A) a higher wage rate than it paid before. B) the same wage rate it paid before. C) a lower wage rate than it paid before. D) a wage rate that is sometimes higher, sometimes lower, and sometimes the same as before, depending on the elasticity of the supply of labor.
If a trader thinks that the value of yen with respect to the euro is about to fall, which of the following would enable him to make a profit?
A) buy a forward contract for euros B) buy a forward contract for yen C) sell yen in the spot market D) buy euros in the spot market
GDP excludes the value of all these goods and services EXCEPT
What will be an ideal response?
President George W. Bush used part of the budget surplus inherited from the Clinton administration to:
A. fund tax cuts. B. stimulate the economy that was slowing down following the end of the high-tech investment boom. C. increase government entitlement spending. D. both fund tax cuts and stimulate the economy that was slowing down following the end of the high-tech investment boom.