The Greenbackers may be characterized fairly as inflationists
Indicate whether the statement is true or false
True
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In its macroeconomic equilibrium, the economy can be producing at
i. below full employment. ii. full employment. iii. above full employment. A) i only B) ii only C) iii only D) i or ii E) i, ii, or iii
For an individual consumer, a corner solution may be optimal such that MRS and MRT are not equal,
A) but this is not possible in an Edgeworth Box due to the transitivity of preferences. B) but this is not possible in an Edgeworth Box because price ratios must be positive. C) and this may also occur in an Edgeworth Box. D) and this may only occur in an Edgeworth Box under the perfect complements case.
Distinguish between the short run and the long run. In the short run, ______, whereas in the long run ______.
a. some inputs are variable because they can be altered quickly; all inputs are fixed b. some inputs are fixed because they cannot be altered quickly; all inputs are variable c. fixed inputs can be adjusted as production increases; all inputs can be altered d. inputs cannot be varied; some inputs are fixed and cannot be altered
Utility is maximized when the chosen bundle of goods satisfies the equimarginal rule and when the chosen bundle is on the budget line.
Answer the following statement true (T) or false (F)