The value added of a firm is the market value of:
A. a firm's output plus the value of the inputs bought from others.
B. a firm's output less the value of the inputs bought from others.
C. the firm's output.
D. the firm's inputs bought from others.
B. a firm's output less the value of the inputs bought from others.
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Fiat money means
A) only currency counts as money. B) the money can be converted into gold. C) the government has decreed that something is money. D) Italian currency. E) money's value does not change.
The government's chief forecasting gauge for business cycles is the chained real GDP indicators
a. True b. False Indicate whether the statement is true or false
All profit-maximizing firms chose the level of output at which:
A. MR < P B. P = MC C. MR = P D. MR = MC
Exhibit 17-4 Short-run and long-run Phillips curves
Suppose the economy in Exhibit 17-4 is at point E1, and the Fed increases the money supply. If people have rational expectations, then the economy will move:
A. to point A in the short run and point B in the long run. B. directly to point B. C. to point C in the short run and point D in the long run. D. directly to point D.