If all the return to a resource is economic rent, we know that
A) the price of the resource is below its opportunity cost.
B) the price of the resource equals its opportunity cost.
C) the price of the resource is above its opportunity cost.
D) the resource has no opportunity cost.
Answer is C) the price of the resource is above its opportunity cost.
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Monetary policy is conducted
A) only by the Federal Reserve. B) by the Federal Reserve and the President of the United States. C) by the Federal Reserve, the President of the United States, and Congress. D) by the Federal Reserve with veto power residing with the President of the United States.
Price elasticity is a measure of how
A. much a market responds to a change in market conditions. B. much consumers or producers respond to a change in market price. C. quickly consumers or producers respond to a change in market price. D. quickly a market will respond to a change in market conditions.
The marginal-cost curve intersects the average-total-cost curve at the output level where average fixed costs are zero
a. True b. False Indicate whether the statement is true or false
In an economy with persistent inflation,
A. real GDP will grow faster than nominal GDP. B. nominal GDP will grow faster than real GDP. C. nominal and real GDP will grow at the same rate. D. nominal and real GDP will both fall.