Which of the following would be considered an economic function of government?
A. promoting competition
B. providing a legal system
C. providing public goods
D. All of these are correct.
Answer: D
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The federal funds interest rate
a. can be raised or lowered by the Federal Reserve to regulate the volume of loans to banks. b. is administered by the Open Market Committee. c. increases when the fed conducts open market purchases. d. is set by Congress. e. none of the above.
Suppose the output of a firm hiring workers in a competitive labor market increases by three units when an additional worker is hired. This firm will hire more laborers if the market price of its product is $4 and the wage rate is $9 . [Hint: Marginal revenue product of a resource is equal to the product of marginal product of the resource and the marginal revenue of the firm.]
a. True b. False Indicate whether the statement is true or false
Real GDP values current output of goods and services at their current prices
a. True b. False Indicate whether the statement is true or false
If an increase in the price of some goods outweighs other prices that remain constant or decrease then there is:
A. Inflation. B. Deflation. C. Stagflation. D. Reflation.