When the money supply is expanding rapidly and the general level of prices increasing sharply, economic growth is
What will be an ideal response?
slowed by the resulting unpredictability of the future level of prices.
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242354464572If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is
A. $12. B. $18. C. $6. D. $24.
Which of the following will NOT cause a shift in the supply of gasoline?
A) An increase in the wage rate of refinery workers B) A decrease in the price of gasoline C) An improvement in oil refining technology D) A decrease in the price of crude oil
A monopolistic competitor can expect to earn an economic profit in the long run
a. True b. False Indicate whether the statement is true or false
When exchange rates are set by government decree,
a. appreciation is called devaluation. b. depreciation is called devaluation. c. depreciation is called deflation. d. appreciation is called inflation.