The firm's most efficient output would be
A. 70 units.
B. 80 units.
C. 90 units.
D. 100 units.
C. 90 units.
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If a freeze destroys oranges before they are harvested, the equilibrium price of an orange ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
The classical theory of inflation:
A. describes a long-run equilibrium. B. explains the direct relationship between money supply and the price level. C. shows neutrality of money in the long run. D. All of these statements are true.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.
If the country is heading into a recession, the Fed might be able to counteract this by
A. increasing the discount rate. B. carrying out an expansionary fiscal policy. C. forcing the government deficit to decrease. D. acting to increase the money supply.