Among the fundamental concepts in economics is
A. efficient markets.
B. marginalism.
C. opportunity cost.
D. all of the above
Answer: D
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
If a firm does not sell all of the goods that it produces in a given time period, then the goods
A) do not count in GDP for that time period but always count next period. B) do not count in GDP ever. C) count in GDP the period they are sold to the final user. D) count negatively in GDP as inventory investment. E) count positively in GDP as inventory investment.
Double markup problems arise when
a. upstream firms have market power b. downstream firms have no market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product
Refer to the given data. If this firm can hire as few or many workers as it wants at $8, it is:
A. hiring labor in a monopsony labor market.
B. hiring labor in a purely competitive labor market.
C. selling its product in a monopolized product market.
D. selling its product in a purely competitive product market.