The economy is considered to be at full employment when the rate of cyclical unemployment is zero
Indicate whether the statement is true or false
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In economics, an organization that produces a good or service is called a
A) business. B) firm. C) company. D) All of the above are correct.
A profit-maximizing monopoly will produce that output for which
a. marginal revenue equals price. b. average cost is minimized. c. marginal cost is minimized. d. marginal cost equals marginal revenue.
The powers of the Federal Reserve System do not include: a. the ability to buy and sell U.S. government securities
b. the ability to extend loans to commercial banks. c. the ability to provide deposit insurance for customers of member banks. d. the ability to impose reserve requirements on both member and nonmember commercial banks. e. the authority to clear checks.
Two goods are perfect complements if the marginal rate of substitution between them is constant
a. True b. False Indicate whether the statement is true or false