Fill in the table. Assume the fixed cost is $800.
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All of the points inside a production possibilities frontier are ____; all of the points on the production possibilities frontier are ____.
A. efficient; inefficient B. inefficient; efficient C. attainable; unattainable D. rational; zero-cost E. unattainable; efficient
Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices
Three years later, once the refining capacity was restored, these prices came back down. The restoration of refining capacity should A) move the economy up along a stationary short-run aggregate supply curve. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the left. D) shift the short-run aggregate supply curve to the right.
Real consumption tends to be
A) procyclical and less variable than real GDP. B) procyclical and more variable than real GDP. C) countercyclical and less variable than real GDP. D) countercyclical and more variable than real GDP.
If the Fed were to enter the foreign exchange market and purchase euros, the impact on domestic banking reserves would be:
A. domestic banking reserves would decrease. B. the same as it would be with an open market purchase. C. the opposite of what it would be with an open market purchase. D. uncertain.