ch1.Criteria for rationing goods and resources must be established due to which of the following?
What will be an ideal response?
Scarcity imposed by nature
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Oil is considered:
A. a renewable resource. B. a nonrenewable resource. C. physical capital. D. technology.
A firm should not necessarily shut down if:
a. total revenue is less than total variable cost. b. firms suffer losses and the price is above variable costs. c. the demand curve facing the firm lies below its average variable cost curve. d. price is less than average variable cost. e. firms suffer losses and the price is below variable costs.
The Federal Reserve has been quite successful in keeping the inflation rate low for the past 20 years
a. True b. False
Based on the graph showing a reduction in the growth of the money supply, if the economy maintains a 3 percent inflation rate for a fairly long time, people’s expectations will adjust and move the economy from ______.
a. point E to point D
b. point E to point F
c. point F to point D
d. point F to point E