What is a firm's short run supply curve?
A firm's short run supply curve is that portion of its marginal cost curve above minimum average variable cost.
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The CPI for 2008 is computed by dividing the price of the basket of goods and services in 2008 by the price of the basket of goods and services in the base year, then multiplying by 100
a. True b. False Indicate whether the statement is true or false
A difference between economic regulation and social regulation is that
A. the former tends to affect the prices at which products are sold and the latter does not. B. the former tends to be specific to an industry and the latter tends to affect firms in all industries. C. the former tends to be done at the state level and the latter at the federal level. D. the former tends to affect the profits of firms and the latter does not.
The capricious universe view indicates that:
A. in the long run, "acts of God" have contained population growth and thus contributed to economic development. B. DVCs will obtain biological and chemical weapons and force the redistribution of world wealth. C. there is little or no correlation between one's efforts and the rewards he or she receives. D. international and civil wars have been the primary impediment to growth.