Refer to Figure 13-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
B
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The Federal Reserve System first began operations in:
A. 1865. B. 1914. C. 1789. D. 1934
Rational economic decision makers will make a change only if
a. the change is free of risk b. there are no costs involved c. their expectations are correct d. there is no uncertainty about the results of the change e. the expected marginal benefit exceeds expected marginal cost
Marginal revenue product is measured by
a. MR × price of the good b. MR × MC c. TR / MPP d. MPP × price of the good e. TC / MPP
When the economy is operating at an output rate below its full-employment level, the
a. actual level of unemployment will exceed the natural rate of unemployment. b. current rate of output will tend to persist into the future. c. strong demand for resources will cause resource prices to rise. d. actual unemployment rate will be less than the natural rate of unemployment.