Interest rates adjusted for the effects of inflation
a. and inflation are nominal variables.
b. and inflation are real variables.
c. are real variables; inflation is a nominal variable.
d. are nominal variables; inflation is a real variable.
c
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The property rights of commissioners appointed to the Food and Drug Administration encourage them to
A) call for additional testing of a new drug even when a delay in approval is liable to cost more lives than additional testing is likely to save. B) make decisions in the interest of drug manufacturers. C) make decisions in the interest of physicians and patients. D) rush new drugs onto the market before they have been adequately tested. E) work shorter hours and take longer vacations than employees in the food and drug industries.
When Sam's Scarves uses 2 knitting machines and employs 3 people, total revenue is $330 a day. When Sam's Scarves uses 2 knitting machines and employs 4 people, total revenue is $360 a day
The value of marginal product of the third worker is ________. A) $110 B) $30 C) $360 D) $90
A lump-sum tax is a tax that
A) can be avoided by strategic behavior. B) does not depend on the actions of the economic agent being taxed. C) does not depend on the actions of the government. D) distorts economic decisions.
Although monopoly has lower output than competition, the level of output is efficient.
Answer the following statement true (T) or false (F)