A change in labor productivity shifts the __________ curve and a change in the exchange rate shifts the __________ curve
A) SRAS; SRAS
B) AD; AD
C) SRAS; AD
D) AD; SRAS
E) none of the above
C
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Which of the following would NOT be a barrier to entry for a particular market?
A) ownership of a patent B) low cost of obtaining initial capital C) the presence of economies of scale D) government regulation
If a firm in a competitive industry is making no profit but still producing, it must be the case that
a. MC = MR > ATC b. MC = MR < ATC c. MC = ATC > MR d. MC = MR = ATC e. this situation is not possible
Which of the following is true of the function of the lender of last resort?
a. Large commercial banks provide loans at low rates of interest to small banks when the small banks are unable to meet the demands of the depositors. b. The central bank reduces the discount rate to facilitate borrowing by commercial banks from the central bank. c. Commercial banks provide loans to customers with bad credit ratings who are unable to get loans from any other sources. d. The central bank reinforces the effect of deposit insurance and reassures bank customers that they will not lose their money.
Which of the following is not included in M1?
a. a $5 bill in your wallet b. $100 in your checking account c. $500 in your savings account d. All of the above are included in M1.