________ occurs when the price level of goods and services increases over several months.
A) Monetarism
B) A budget deficit
C) An open-market operation
D) Inflation
E) A recession
Ans: D) Inflation
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In the Keynesian model, a Federal Reserve sale of government securities in the open market will
a. raise the level of income and lower the interest rate. b. raise the level of income and raise the interest rate. c. lower the level of income and the interest rate. d. lower the level of income and raise the interest rate.
______ occurs when the firm produces below the level where average total cost is minimized.
a. Monopolistic capacity b. Excess capacity c. Total capacity d. Necessary capacity
All firms in a perfect competition industry
A) are price makers. B) produce differentiated products. C) produce identical products. D) lose money.
Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:
A. Ginger should specialize in the activity for which she has an absolute advantage. B. There are no gains to specialization and trade for Ginger. C. There are no gains to specialization and trade for Maryann. D. Maryann should specialize in the activity for which she has a comparative advantage.