The function which shows combinations of inputs that yield the same output is called a(n)
A) isoquant curve.
B) isocost curve.
C) production function.
D) production possibilities frontier.
A
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
If gas prices today were $3.00 per gallon, in terms of history, this would be
A. near an all-time high in nominal terms. B. an all-time high in inflation-adjusted terms. C. about the long-term historical average in inflation-adjusted terms. D. not an all-time high but rather high in inflation-adjusted terms.
In a long-run equilibrium in a perfectly competitive market, the average firm earns positive economic profits
a. True b. False Indicate whether the statement is true or false
If companies from foreign countries build and operate factories in China, then China's productivity
a. and the wages of Chinese workers increase. b. increases but the wages of Chinese workers decrease. c. decreases but the wages of Chinese workers increase. d. and the wages of Chinese workers decrease.