The value added approach involves adding up the value of the final product and the value of intermediate goods used in the production process
a. True
b. False
Indicate whether the statement is true or false
False
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If a perfectly competitive firm produces an output level at which price is less than marginal costs, then the firm should:
A. reduce output to earn greater profits or smaller losses. B. leave its output level unchanged provided it is covering its variable cost. C. expand output to earn greater profits or smaller losses. D. raise its price.
Which of the following was true of the United States before 1970? a. The government was not responsible for promoting employment, output, and purchasing power. b. Most macroeconomic instability was caused by changes in international oil prices
c. Most macroeconomic instability was caused by shifts of aggregate demand. d. Most macroeconomic instability was caused by the depreciation of the dollar. e. The government was responsible for using monetary policy to correct a depression.
A worker association that bargains with employers over wages and working conditions is called
a. a strike. b. an oligopoly. c. a firm. d. a union.
Which of the following is NOT a correct statement?
A. The country has 12 Federal Reserve districts. B. The Federal Open Market Committee carries out open market operations. C. A majority of private banks are not part of the Federal Reserve System. D. The Fed chairman is appointed by the president for 14 years. E. The Senate ratifies the president's appointment of the chairman of the board of governors of the Fed.