The Fed pledged to continue QE3 until:
A) inflation got out of control
B) real GDP and employment returned to more normal levels
C) the financial crisis was over
D) it was time to begin QE4
B
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Which of the following is a reason why individual firms under perfect competition would not find it gainful to advertise their product?
A. The quantity of the product demanded is very large. B. Firms produce a homogeneous product. C. Firms do not make long-run profits. D. The market demand curve cannot be increased.
The graph above represents a(n):
A. decreasing-cost industry: firms may be paying lower prices for their inputs when the industry expands. B. increasing-cost industry: firms may be paying higher prices for their inputs when the industry expands. C. constant-cost industry: prices of the inputs stay the same, and other production costs are constant as the industry expands. D. competitive, break-even industry: the long-run supply curve is upward sloping as it must be according to the law of supply.
What are social costs? How do they differ from private costs?
What will be an ideal response?
To get to its inflation adjusted all-time high, the minimum wage in 2016 would have to be at least
A. $14.00. B. $20.00. C. $11.00. D. $5.50.