The Buda Agri Corporation is the sole employer in rural Hungary. In the labor market, Buda Agri is a
A) monopolistic competitor. B) perfect competitor.
C) monopsony. D) monopoly.
C
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A firm is producing 200 units of output at a total cost of $1,000 . The firm's average variable cost equals $4 per unit. Total fixed cost: a. equals $1,000. b. equals $800
c. equals $200. d. equals $2.
When the Federal Reserve increases the money supply, it has the immediate effect of creating wealth
a. True b. False
Steve is currently maximizing utility by consuming three fried eggs and four strips of bacon. From this you can conclude that the:
A. marginal utility of the third fried egg equals the marginal utility of the fourth strip of bacon. B. total utility of the three eggs equals the total utility of the four strips of bacon. C. price of eggs and bacon are the same. D. opportunity cost of not consuming the third fried egg equals the opportunity cost of not consuming the fourth strip of bacon.
Built-in stabilizers
A. are insufficient to prevent the business cycle, but tend to lessen fluctuations in real GDP. B. were introduced under President Nixon. C. are found primarily in discretionary fiscal policy. D. tend to lessen fluctuations in GDP through their effect on the money supply. E. were endorsed by Adam Smith.