Answer the following questions true (T) or false (F)
1. Stagflation refers to when the general economy is experiencing a falling unemployment rate and a rising inflation rate.
2. The unemployment of capital can be expressed in terms of the manufacturing capacity utilization rate.
3. The consumer price index or CPI is given by the cost of a standard market basket of goods and services in the current period relative to the GDP implicit price deflator.
1. FALSE
2. TRUE
3. FALSE
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When the price of a sweet roll is $2, the bakery sells 300 rolls per week. If it raises the price to $3, then it sells 150 rolls per week. Based on this, the price elasticity of a sweet roll between these prices is
A. 0.40. B. 1 C. 1.67. D. 0.67.
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $8.00; AVC = $5.00; MC = $8.00; MR = $9.00. The firm should
A) decrease output. B) increase output. C) increase price. D) continue to produce its current output.
By Gresham's law, commodity money will always drive out fiduciary money
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30