If the United States' unemployment rate is 25 percent and the capacity utilization rate is 50 percent, the economy would be in the midst of a _____________.
Fill in the blank(s) with the appropriate word(s).
depression
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The law of supply states that, other things remaining the same,
A) demand increases when supply increases. B) if the price of a good increases, firms buy less of it. C) if the price of a good increases, the quantity supplied increases. D) as people's income increase, the supply of goods increases. E) if the price of a good increases, the supply increases.
For most students, the earnings they give up to attend college are
a. a minor cost when compared to the costs of tuition, room and board, and the like. b. the single largest cost of their education. c. about equal to the costs of room and board at college. d. not considered true costs by an economist.
In the short run, a firm 's output level is 10 units. Its total cost is $4000 and its average fixed cost is $100. What is this firm's average variable cost (AVC) of producing 10 units?
A) AVC = $250 B) AVC = $275 C) AVC = $300 D) AVC = $400
If the velocity of money remains unchanged and the economy is at full employment, then the equation of exchange predicts that a rise in the money supply will:
A. Increase prices B. Increase interest rates C. Increase real output D. Decrease nominal GDP