The federal funds rate is a:
A) short-term nominal interest rate. B) short-term real interest rate.
C) long-term real interest rate. D) long-term nominal interest rate.
A
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________ are non-excludable but rival in consumption
A) Public goods B) Private goods C) Common pool resources D) Club goods
Opportunity cost is the value of the next best alternative to a given choice.
Answer the following statement true (T) or false (F)
When a second firm enters a monopolist's market:
A. the former monopolist's average cost decreases as its output level decreases. B. the demand curve facing the former monopolist shifts to the right. C. the market price falls. D. None of these
Which of the following statements is correct?I.If other factors are held constant, the level of employment in the economy determines real Gross Domestic Product (GDP).II.According to classical economists, only voluntary unemployment exists in the long run.
A. I only B. II only C. Both I and II D. Neither I nor II