Economic growth appears on a production possibilities curve as
A) the curve shifting out away from the origin.
B) the curve shifting in toward the origin.
C) a change in the slope of the curve.
D) the points outside the production possibilities curve.
Answer: A
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Suppose the price of a movie falls from $9 to $7. Using the midpoint method, what is the percentage change in price?
A) 33 percent B) -33 percent C) 25 percent D) -25 percent E) -97 percent
Suppose the price level is unchanged and real GDP decreases. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
An increase in the discount rate will result in:
A) increase in bank reserves and a decrease in the federal funds rate. B) increase in bank reserves and an increase in the federal funds rate. C) decrease in bank reserves and a decrease in the federal funds rate. D) decrease in bank reserves and an increase in the federal funds rate.
In order to earn an economic profit, a firm needs to charge a price in excess of
A) accounting average cost. B) normal average costs. C) economic average cost. D) long-run fixed costs.