Compare the composition of U.S. output in the year 1900 with its composition in the year 2000.
What will be an ideal response?
At the beginning of the 1900s, about two-thirds of U.S. output consisted of farm goods, manufactured goods, and mining, whereas in the year 2000, 80 percent of U.S. output consisted of services.
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Firms maximize profit when
A) the additional benefit from producing a good equals the additional cost of producing that good. B) MR = MC. C) the derivative of the profit function with respect to output is zero. D) All of the above.
Annual changes in the level of investment in the U.S. during the last 40 years have been
a. highly volatile b. positive, moderate, and steady c. positive, dramatic, and steady d. close to zero, but the level has been high e. slightly negative, that is, falling steadily, but still high relative to the levels of the four decades before the 1960s.
The interest percent charged by the Fed on loans to depository institutions is knows as the
A. discount rate. B. prime rate. C. federal funds rate. D. commercial paper rate.
When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
a) supply and demand b) excess demand c) equilibrium d) price floor