Public goods are goods that we all agree are useful and therefore are all willing to pay for. This implies that there is no efficiency problem in the production of public goods.
Answer the following statement true (T) or false (F)
False
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A monetary policy target is a variable that
A) the Fed cannot affect directly. B) the Fed has no ability to change. C) the Fed can affect directly. D) equals one of the Fed's main policy goals.
In order for the classical model to explain expansions and recessions, which of the following would have to be true?
a. Labor supply could not change. b. The labor market equilibrium would have to change suddenly and significantly. c. Labor demand could not change. d. The labor market equilibrium would have to change slowly. e. The labor market equilibrium could not move.
Other things the same, in the long run a country that reduces the minimum wage from very high levels will have
a. higher unemployment and lower inflation b. lower unemployment and higher inflation c. higher unemployment and the same level of inflation d. lower unemployment and the same level of inflation
Refer to the above data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are
A. zero, zero, and zero, respectively. B. zero, $25, and $175, respectively. C. $150, $25, and $175, respectively. D. $150, zero, and $150, respectively.