If the price of bread were zero, a budget line between bread (on the vertical axis) and cheese (on the horizontal axis) would
a. not exist
b. be vertical
c. coincide with the vertical axis
d. be horizontal
e. coincide with the horizontal axis
B
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As the economy enters a strong expansion in which real GDP increases, which of the following occurs?
A) The demand for money decreases and there is a movement upward along the demand for money curve. B) The demand for money increases and there is a movement downward along the demand for money curve. C) The demand for money curve shifts rightward. D) The nominal interest rate falls as the demand for money curve shifts leftward. E) The demand for money curve shifts leftward.
Open market purchases ________ reserves and the monetary base thereby ________ the money supply
A) raise; lowering B) raise; raising C) lower; lowering D) lower; raising
A "two-tier" labor market in the United States refers to plenty of jobs for ________ workers and few jobs for ________ workers.
A. old; young B. highly-skilled; unskilled C. unskilled; highly-skilled D. eastern; western
Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $5/unit. What is TRUE when the firm produces 110 units?
A. Its total profit is $65. B. Total revenue equals $3,075. C. Marginal revenue is more than marginal cost. D. Total costs exceed total revenue by $65.