Since 1994, the average annual inflation rate in the U.S. has been greater than 8 percent.
Answer the following statement true (T) or false (F)
False
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Because of their derived nature, resource markets are completely different from any other type of market studied by economists
a. True b. False Indicate whether the statement is true or false
Comparing the monopoly firm with a perfectly competitive firm reveals that:
a. the competitive firm sells less quantity. b. the monopoly firm charges a lower price. c. the competitive firm's price is above MC. d. None of these is revealed when the two firm are compared.
Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the
A. marginal revenue product of the third worker is $14. B. marginal product of each of the first two workers is 23. C. marginal revenue product of each of the first two workers is $23. D. third worker should not be hired.
A reduction in nominal wages will cause which of the following?
A) a leftward shift in the short-run aggregate supply curve to shift to the left B) a movement along the short-run aggregate supply curve C) a shift of both the short-run and long-run aggregate supply curves D) a rightward shift in the short-run aggregate supply curve