The inputs that a manager uses to alter production are referred to as:
A. fixed factors.
B. variable factors.
C. long-run factors.
D. All of the statements are correct.
Answer: B
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If a country's income is rapidly increasing it must:
A. have a high level of growth. B. have a high level of income. C. have a lot of room to expand. D. be well-endowed with natural resources.
If a player in a game has a dominant strategy, her choice will depend upon the strategy that another player has chosen.
Answer the following statement true (T) or false (F)
One of the problems with a strict monetary policy rule that sets a constant growth rate for the money supply is that when there are large shocks to the economy, the growth rate of _______, causing real GDP growth to slow down.
A. the average price level can fall B. the average price level can rise C. the velocity of money can fall D. the velocity of money can rise
A negative value for the marginal physical product would indicate that
A) the company has not yet reached the point of saturation. B) total output increased by a significant amount. C) total output decreased when the extra unit of the variable input was added. D) total output increased, but the increase was very small.