Society can increase its output and income by increasing basically one or both of two factors:
A. Its spending and investment
B. Its private and public sectors of the economy
C. Its resources and the productivity of the resources
D. Its markets and prices
C. Its resources and the productivity of the resources
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The main reason that the United States has such a high standard of living is
A. high government budget deficits. B. low inflation. C. low unemployment. D. high average labor productivity.
The nominal exchange rate is 15 crowns per florin, the domestic price level is 6 florins/bottle, and the foreign price level is 2 crowns/bushel.(a)What is the real exchange rate?(b)What is the real exchange rate in the foreign country?(c)If the domestic price level rises to 8 florins/bottle, what must the nominal exchange rate become if the real exchange rate remains unchanged?
What will be an ideal response?
If a firm is producing at an output where the total revenue curve crosses the total cost curve,
a. revenue is maximized b. cost is maximized c. cost is minimized d. profit is maximized e. profit is zero
The rate at which the federal government matches state Medicaid expenditures is
A. uniform across the U.S. B. dependent on the state's income and patient load. C. dependent on the state's income. D. dependent on the state's patient load.