Expenditures on services fluctuate less than expenditures on durable goods.
Answer the following statement true (T) or false (F)
True
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Economics is similar to other social science disciplines in that it examines individual and social behavior
Indicate whether the statement is true or false
The Fed shifted from emphasizing the importance of a target interest rate to emphasizing the importance of a target money supply in order to
a. combat inflation in the economy b. combat unemployment in the economy c. spur economic growth in the economy d. create a better balance of trade for the economy e. combat deflation in the economy
Workers who organize to bargain collectively for wages and working conditions form a
a. joint council b. labor cartel c. labor federation d. collective e. labor union
Which of the following best describes the idea of excess capacity in monopolistic competition?
a. Firms produce more output than is socially desirable. b. The output produced by a typical firm is less than what would occur at the minimum point on its ATC curve. c. Due to product differentiation, firms choose output levels where price equals average total cost. d. Firms keep some surplus output on hand in case there is a shift in the demand for their product.