An example of a real-life rule that might constrain people's behavior is:
A. minimum wage legislation.
B. having 24 hours in a day.
C. the earth's limited supply of oil.
D. All of these are examples of real-life rules.
D. All of these are examples of real-life rules.
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When firms in a perfectly competitive market are earning an economic profit, in the long run
A) no new firms will enter the market. B) new firms will enter the market. C) firms will exit the market. D) the long-run average cost curve shifts downward. E) the initial firms continue to earn an economic profit.
Answer the following questions true (T) or false (F)
1. The Federal Reserve System is comprised of the Board of Governors in Washington, D.C. and ten district banks located throughout the country. 2. The current Chair of the Board of governors is Paul Volker. 3. Business cycles reflect periods of recession and contraction.
In 2017, health care's share of gross domestic product in the United States
A) had returned to its 1995 level. B) had declined to only 6.5 percent. C) was about three times as high as it was in 1965. D) reached a level of 75 percent.
The aggregate demand multiplier effect says that an initial increase in expenditure plans leads to an induced
A) increase in consumption expenditure. B) increase in production expenditure. C) increase in government expenditures on goods and services. D) decrease in the price level. E) increase in exports.