Buyers and sellers receive market signals
A) from news announcements of the government.
B) through the price system.
C) from the gossip columns in the newspapers.
D) from their friends and acquaintances.
Answer: B
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The United States will always have unemployment
a. True b. False
In 2009, nominal GDP was $14,050 billion and M1 was $1,587 billion. Velocity was
A. 0.11. B. 8.85. C. 11.30. D. 14.25.
Which of the following are true in a graph of isoquants (with capital on the vertical and labor on the horizontal) assuming a given wage and rental rate.
A. All long-run cost minimizing input bundles lie on a ray from the origin. B. (a) is true only if the production technology is homothetic. C. All short-run cost minimizing input bundles lie on a horizontal line. D. (c) is true only if the production technology is homothetic. E. (a) and (c) are true. F. (b) and (c) are true. G. (a) and (d) are true. H. None of the above.
Explain how labor resistance and political and legislative influences reduce the ability of firms to minimize their costs of production. What do the two have in common in this regard?
What will be an ideal response?