So-called business cycles refer to the multi-year periods:
A. From when new products are launched to the point when they become obsolete
B. Between the purchases of new capital equipment and the point when they become junk
C. From the origination of a business loan to the retirement or full repayment of the loan
D. During which the economy's overall output and employment expands and contracts
D. During which the economy's overall output and employment expands and contracts
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Ellie and Brendan both produce apple pies and vanilla ice cream. If Ellie's opportunity cost of one apple pie is 1/2 gallon of ice cream and Brendan's opportunity cost of one apple pie is 1/4 gallon of ice cream, a mutually advantageous trade can be struck at a price of one apple pie for 1/3 gallon of ice cream
a. True b. False Indicate whether the statement is true or false
The federal funds rate and the quantity demanded of reserves have a(n) ____________ relationship. This is because as the federal funds rate moves down, it becomes _______________ for banks to hold reserves, encouraging banks to hold ____________ in reserves to guard against checkable deposit withdrawals
A) inverse; more expensive; more B) direct; more expensive; less C) inverse; cheaper; more D) direct; cheaper; more
The order condition is a necessary and sufficient condition for identification of an equation in a simultaneous equations model.
Answer the following statement true (T) or false (F)
In the above table, what is the marginal factor cost of the 6th worker?
A. $20 B. $18 C. $30 D. $120