The economy is currently experiencing
A) inflation
B) recession
C) expansion
D) stagflation
E) rapid growth
Answer: B) recession
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Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and by how much?
A) Its profit will be $6,000 lower. B) Its profit will be $700 lower. C) Its profit will be $700 higher. D) Its profit will be $6,700 higher.
Free riding is a problem
A) if an individual's contribution to a team is not easily measured. B) if an individual's contribution is to a team is easily measured. C) when monitoring is costless. D) when team members are altruistic.
In a small closed economy investment is $50 billion and private saving is $45 billion. What are public saving and national saving?
a. $5 billion and $45 billion b. -$5 billion and $45 billion c. $5 billion and $50 billion d. -$5 billion and $50 billion
If we wanted to consider all the money that had been "multiplied" in the economy, we would think about:
A. M2. B. M1. C. hard money. D. None of these.