Utility is the pleasure, satisfaction, or enjoyment derived from consumption
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following would most likely cause a country's production possibilities set to shift outward at every point along the frontier?
A) a decrease in idle capital B) a decrease in unemployment C) a general technological advance that affects all sectors of the economy D) a technological advance in only one sector of the economy E) none of the above
Which of the following is not a permanent member of the FOMC?
A) The president of the New York Fed B) The president of the Philadelphia Fed C) The chairman of the board of governors D) All of the above are permanent members of the FOMC.
The opportunity cost of a given investment is the potential earnings forfeited by tying up money in the investment
a. True b. False Indicate whether the statement is true or false
Refer to Figure 8.5. Suppose the firm increases output from 20 to 30 units. In the short run:
A. the firm will employ the same amounts of labor and capital as it would in the long run.
B. the firm will employ 5 more workers and 2 less units of capital than it would in the long run.
C. the firm will employ 5 fewer workers and 2 more units of capital than it would in the long run.
D. the firm will produce the output at a lower cost than it can in the long run.