The cost of an extra unit of oil in the United States in terms of coal given up is
A. 25.
B. 50.
C. 2.
D. 1/2.
D. 1/2.
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In the short run, why does a production function eventually display diminishing returns to labor?
A) As a firm hires more workers the skills and the work ethic of the additional workers will eventually decline. B) The opportunity cost of hiring additional workers must eventually rise. C) As the number of workers increases eventually the gains from the division of labor and specialization are used up. D) As the number of workers increases it becomes difficult to monitor them.
The United States is an example of a mixed economy
a. True b. False Indicate whether the statement is true or false
The new classical view argues that an increase in government debt will cause people to
a. increase their current saving so they will be better able to pay the higher future taxes implied by the increase in the debt. b. increase their current consumption since the substitution of debt for taxes makes them wealthier. c. shift their savings to foreign banks where they will be more secure. d. do all of the above.
An open market purchase of securities by the Fed
A) increases banks' reserves and decreases banks' securities.
B) decreases banks' reserves and increases banks' securities.
C) decreases banks' total assets.
D) involves a bank purchasing government securities from the Fed.