Since 1950, the U.S. economy has likely experienced:
A. more periods of disinflation than deflation.
B. an equal number of periods of deflation and disinflation since they are synonymous.
C. more periods of deflation than disinflation.
D. none of the answers provided is correct.
Answer: A
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Assume Diana buys computers in a competitive market. It follows that
a. Diana has a limited number of sellers to turn to when she buys a computer. b. Diana will find herself negotiating with sellers whenever she buys a computer. c. if Diana buys a large number of computers, the price of computers will rise noticeably. d. None of the above is correct.
A firm is producing output less than the output associated with the minimum point on the firm’s short run average variable cost curve. At this level of output the firm uses its fixed capital input ________ and its variable labor input _________.
A) at the lowest average cost; at the lowest average cost B) at the lowest average cost; at a higher than the lowest average cost C) at a higher than the lowest average cost; at the lowest average cost D) at a higher than the lowest average cost; at a higher than the lowest average cost
The relative decline in goods production compared to services produced means that we're producing fewer goods than in earlier decades.
Answer the following statement true (T) or false (F)
A price floor is the ________
A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good