Studies have shown significant spending changes arise from interest rate changes after
a. a few days.
b. a few weeks.
c. a few months.
d. about a year and a half..
c
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A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
A production possibilities curve measures opportunity cost in dollar terms.
a. true b. false
If a firm with variable costs of $14 million lost money and continues to operate, we may conclude that its total revenue is __________.
Fill in the blank(s) with the appropriate word(s).
What happens if the price of a product is below the equilibrium price?
A) There will be a surplus of the product. B) There will be an excess demand for the product. C) The buyers will stop purchasing a "cheap" product. D) The producer will lower the price to sell more product.