M1 is actually a smaller amount than M2
a. True
b. False
Indicate whether the statement is true or false
True
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Assuming a firm is selling its output in a purely competitive market, its resource demand curve can be determined by
A. multiplying total product by product price. B. dividing total revenue by marginal product. C. comparing marginal product with various possible input prices. D. multiplying marginal product by product price.
The rapid speed with which the stimulus bill passed through both houses of Congress and was signed by the President could be used as an argument for
A. activist fiscal policy. B. activist monetary policy. C. expansionary fiscal policy. D. contractionary monetary policy.
If a product has only a few acceptable substitutes, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. elastic. D. very elastic.
The law of diminishing marginal product indicates that
A. total product will eventually decrease. B. average product will eventually decrease. C. resources are inefficient. D. marginal product will eventually decrease.