Prices received by farmers relative to prices paid by farmers have been
a. increasing since 1950
b. constant since the 1920s
c. decreasing since 1950
d. in parity since the 1930s
e. higher as a result of price floors
c. decreasing since 1950
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
If the Federal Reserve uses open market operations to offset a recession, the Fed ________ government securities in order to ________ the federal funds rate
A) buys; not change B) sells; raise C) sells; lower D) buys; lower E) buys; raise
Using the above table but now the bakery bakes 30 pizzas and 240 loaves of bread (alternative B), moving from alternative B to alternative D, what is the opportunity cost of one pizza pie?
A) 2.5 loaves of bread B) 2 loaves of bread C) 0.5 loaf of bread D) 150 loaves of bread
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
a. marginal cost equals price. b. marginal cost equals marginal revenue. c. total revenue minus total cost is at a maximum. d. all of these.