The rate of inflation can be defined as
A) The percent change in the general price level.
B) The change in the general price level.
C) The percentage increase in the price of corn.
D) The sustained percent change increase in the general price level.
Answer: D
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What is meant by economies of scale and what is the importance of this concept to economic growth?
Please provide the best answer for the statement.
Monetary policy can be effective only if
A) the money supply reacts to changes in the interest rate. B) planned investment reacts to changes in the interest rate. C) money demand reacts to changes in the interest rate. D) government spending reacts to changes in the interest rate.
Suppose that during a given time period the implicit cost for a business was $1,000 and that the explicit cost was $5,000. Also suppose that the firm sold 1,000 units of its products at $5 per item. We can conclude that the firm's
A. accounting profit was $0, and economic profit was -$1,000. B. accounting profit was $5,000, and its economic profit was $0. C. accounting profit was $0, and economic profit was $1,000. D. accounting and economic profits were both $0.
Appreciation of the British pound will
A. make Britain's exports less expensive and her imports more expensive. B. make Britain's exports more expensive and her imports less expensive. C. make Britain's exports and imports both more expensive. D. make Britain's exports and imports both less expensive.