Economic policy may be inappropriate when it takes effect for all of the following reasons except
A. anticipation lags.
B. recognition lags.
C. implementation lags.
D. response lags.
Answer: A
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A monopolistic competitor incurs an average total cost of $20 while producing the profit-maximizing output of 900 units. If the profit earned by the monopolist $1,800, the price per unit of output is _____
a. $18 b. $22 c. $25 d. $20
Which is most likely to cause a temporary spurt in the growth of GDP that cannot be maintained in the long run?
a. An unanticipated increase in aggregate demand. b. An anticipated increase in aggregate demand. c. An increase in long run aggregate supply (LRAS). d. An increase in wage rates
Which of the following is not a question addressed by macroeconomists?
a. Why is average income high in some nations but low in others? b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment? c. What is the impact of foreign competition on the U.S. auto industry? d. Why do production and employment expand in some years and contract in others?
Which of the following could not be commodity money?
A. U.S. Currency B. Silk C. Gold coins D. Cigarettes