The National Industrial Recovery Act of 1933 increased competition among firms
Indicate whether the statement is true or false
False
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Which of the following is true?
a. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its total revenues and total cost. b. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average total cost. c. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average variable cost. d. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its marginal revenue and marginal cost.
Government purchases are part of _______ and include _______
a. national income; federal and state government purchases b. GDP; federal, state, and local government purchases c. GDP; federal government purchases only d. national income; federal government purchases only e. national income; federal, state, and local government purchases
Assume that the government increases spending and finances the expenditures by borrowing in the domestic capital markets. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and the nominal value of the domestic currency in the context of the Three-Sector-Model?
a. The quantity of real loanable funds per time period rises, and nominal value of the domestic currency falls. b. The quantity of real loanable funds per time period falls, and nominal value of the domestic currency rises. c. The quantity of real loanable funds per time period rises, and nominal value of the domestic currency remains the same. d. The quantity of real loanable funds per time period rises, and nominal value of the domestic currency rises. e. There is not enough information to determine what happens to these two macroeconomic variables.
Joe's increase in wages has been identical to the increase in the price level. Joe thinks that he is better off and has increased his expenditures. Joe's behavior is consistent with
A. a vertical aggregate supply curve. B. Say's law. C. the classical model. D. money illusion.