The maximum number of machines you would use is
A. 4.
B. 5.
C. 6.
D. 7.
C. 6.
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In September 2012 the U.S. unemployment rate was 7.8 percent while the natural unemployment rate was 6 percent. The U.S. economy
A) had a negative output gap. B) had a positive output gap. C) had an output gap of zero. D) was at full employment.
A person will choose to buy a good as long as
A) marginal benefit is at least as great as price. B) consumer surplus is positive. C) marginal benefit is positive. D) consumer surplus is at least as great as price.
In monopolistic competition, in the long run customers pay a price that is
A) less than the minimum ATC. B) more than the minimum ATC. C) equal to both the minimum ATC and the minimum AVC. D) equal to the minimum ATC, but not equal to the minimum AVC.
According to economists Robert Lucas and Thomas Sargent, when are the gains to accurately forecasting inflation highest?
A) when inflation is high and stable B) when inflation is moderate but stable C) when inflation is high and unstable D) when inflation is low