The air force just hired a defense contractor to produce one hundred fighter jets. This action answered which basic economic question?
a. What is the best method of production?
b. How will the goods and services be produced?
c. Who will get the goods and services?
d. What goods and services will be produced?
d. What goods and services will be produced?
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For a single-price monopolist, price is ________ marginal revenue
A) less than B) greater than C) equal to D) less than or equal to but never more than
When supply and demand analysis is used to study the exchange rate, foreign exchange is treated just like
a. a good or a service b. debt c. fiat money d. commodity money e. investment
In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
A. Yes B. No C. Yes, if sales tax is paid D. No, because the purchase was from an individual not a dealer
There is an adverse supply shock. In response the Federal Reserve pursues an expansionary monetary policy. Taking into account both the shock and the Federal Reserve's policy, which of the following are we sure of?
a. unemployment will be higher b. unemployment will be lower c. inflation will be higher d. inflation will be lower