Which of the following would cause an increase in the supply of smartphones?
a. An increase in the price of smartphones
b. A movement toward the use of laptops by people
c. A reduction in the cost of producing smartphones
d. An increase in the minimum wage
c
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How sensitive is the structural deficit to the state of the economy?
A. It is insensitive to the state of the economy. B. The structural deficit changes cyclically with the economy. C. Changes in the structural deficit trigger opposite swings in the economy. D. The structural deficit changes countercyclically with the economy.
Which of the following is an example of price stickiness?
a. Stark Inc. always lowering the price of its products even when it experiences a decrease in production costs b. Flavors of the East, a restaurant, not change the price of its product with every change in supply and demand c. Home Concepts, a furniture store, giving a discount on all its furniture to increase annual sales d. Quick Connect, a cable operator, changing the price of channels according to the demand of its customers
Currently, bank runs are a major problem for the U.S. banking system and the Fed
a. True b. False Indicate whether the statement is true or false
The average total cost of production
A) is the extra cost required to produce one more unit. B) equals the explicit cost of production. C) equals total cost of production divided by the level of output. D) equals total cost of production multiplied by the level of output.