_____ transfer the necessary information within a firm and bind the recipients to take certain actions
a. Contracts
b. Decision-makers
c. Owners of information
d. Orders
D
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What impact would the Fed's raising the interest rate have on any inflationary pressure in the economy?
A) An increase in interest rates decreases the money demand, which could slow increases in the price level. B) An increase in interest rates decreases the exchange rate, which causes net exports to rise, generating inflation. C) An increase in interest rates increases real GDP, which creates inflation in an economy. D) An increase in interest rates increases the money supply, which could cause the price level to increase.
How has the Bureau of Labor Statistics (BLS) changed the calculation of the CPI in order to take substitution bias into account?
What will be an ideal response?
A consumer's reservation price is the price at which a:
A. consumer prefers to purchase at the lowest observed price rather than to engage in another search. B. consumer is indifferent between searching again and purchasing at the lowest observed price. C. producer is indifferent between selling the product and not selling the product. D. consumer prefers to search rather than purchasing at the lowest observed price.
Total efficiency units of labor is:
A) obtained by multiplying the total number of workers in the economy by the average efficiency of each worker. B) obtained by dividing the total capital stock of the economy by the total number of workers. C) obtained by multiplying the total population of the economy by the average amount of capital available to each worker. D) obtained by dividing the total number of workers in the economy by the average efficiency of each worker.