Management gets two numbers (price and quantity) from one decision because
a. the marginal utility of goods is fixed.
b. producers use both technical and financial information.
c. the demand curve consists of price and quantity pairs.
d. the average cost curve has only one low point.
c
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"It matters how the government spends any extra dollars." The economist who said this most likely believes that
A) a dollar spent on one government project could raise Real GDP more than a dollar spent on some alternative government project. B) the AS curve is upward-sloping. C) the tax multiplier is larger than the government spending multiplier. D) government should increase in both size and scope. E) none of the above
Anna enters the workforce after being unemployed for a year. How would this be shown on her consumption function?
A. Movement down the consumption function B. Shift upward of the function C. Shift downward of the function D. Movement up along the consumption function
In response to the Great Recession of 2007–2009, when did the Federal Reserve first cut the federal funds rate to zero?
A. December 2007 B. June 2008 C. December 2008 D. January 2010
Assume the market for pencils is competitive and originally in equilibrium. As a result of an increase in the price of graphite, the supply of pencils decreases. What is true of the new equilibrium?
A. The price is lower while the quantity exchanged increases. B. The price is lower and the quantity exchanged decreases. C. The price is higher and the quantity exchanged increases. D. The price is higher while the quantity exchanged decreases.