In 2015, the U.S. auto industry experienced rising sales. The automobile industry was experiencing the effects of
A) the underground economy. B) inflation.
C) the business cycle. D) depreciation.
C
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Which of the following is TRUE?
A) Nigel has both an absolute and comparative advantage in bandana production. B) Nigel has both an absolute and comparative advantage in hair pin production. C) Nigel has neither an absolute nor comparative advantage in hair pin production. D) Nigel has neither an absolute nor a comparative advantage in bandana production.
The total output produced with any quantity of labor is equal to the sum of the
A) marginal products of each of the workers hired. B) average products of each of the workers hired. C) total wages the firm pays its workers. D) Both answers A and B are correct.
If spending is NOT responsive to changes in the interest rate, then
A) the Fed is "impotent." B) tax policy is "impotent." C) fiscal policy is "impotent." D) the Fed is "potent."
A fiduciary monetary system has to have all of the following EXCEPT
A) trust. B) a central bank. C) acceptability. D) predictability of value.