A fall in the level of prices
A) does not affect the value of money.
B) has an uncertain effect on the value of money.
C) increases the value of money.
D) reduces the value of money.
C
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If the output gap equals -200 billion, then:
A. potential GDP is lower than actual GDP. B. there is no cyclical unemployment. C. cyclical unemployment equals the sum of structural and frictional unemployment. D. there is a recessionary gap.
A production indifference curve shows all combinations of input quantities capable of producing a given quantity of output.
Answer the following statement true (T) or false (F)
You may consume ice cream or frozen yogurt, and ice cream consumption is plotted along the horizontal axis of your indifference map. The prices are denoted PY for frozen yogurt and PIC for ice cream
Under what condition will you only consume frozen yogurt? A) MRS is greater than PIC/PY B) MRS is less than PIC/PY C) MRS is less than PY/PIC D) MRS is infinite
From the point of view of economic efficiency, output in a monopolized market is
a. too high. b. perfect. c. too low. d. undesirable.