Perfectly competitive firms must make all of the following decisions except
A. what price to charge for their output.
B. how much output to supply.
C. how much of each input to demand.
D. which production technology to use.
Answer: A
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The narrowest money measure is
A) currency plus non-interest bearing checking accounts. B) currency plus all checking accounts. C) currency plus all deposits at financial institutions. D) definitive money.
Rational expectations theory predicts that people's expectations of higher inflation will adjust immediately, leading to an immediate decrease in the actual inflation rate
a. True b. False Indicate whether the statement is true or false
When a firm hires a worker for one hour, the marginal benefit to that firm equals the:
A. dollar value of the goods produced by that worker in one hour. B. hourly wage of that worker. C. number of items the worker produces in that hour. D. price of each item that the worker produces in that hour.
When switching from the "current exchange rate" method to the "purchasing power parity" method, India's standard of living in dollars
A) decreases. B) remains essentially the same. C) rises, but still remains far below that of the U.S. D) rises almost to the level of the U.S. E) leapfrogs over that of the U.S.