Information can be thought of as a
A) non-economic piece of data.
B) violation of the invisible hand idea that the pursuit of self-interest promotes social interest.
C) good whose marginal benefit is infinite.
D) good whose marginal benefit decreases as more information is acquired.
D
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The Taylor rule specifies
a. a constant relationship between interest rates and output. b. a constant relationship between interest rates, output, and inflation. c. a flexible relationship between interest rates, output, and inflation. d. a fixed relationship between inflation and output. e. none of the above.
Which of the following could explain a decrease in labor supply to a particular labor market?
a. an increased preference for this type of work b. a decrease in the size of the population c. an increase in the number of firms in the market d. a leftward shift of the marginal revenue product curve of labor at a typical firm e. a reduction in wages rates for similar types of work
Figure 10-5
In Figure 10-5, points which lie on the firm's short-run supply curve are
a.
A, B, C.
b.
C, D, H.
c.
F, E, G.
d.
A, C, H.
The basic requirement of money is that it be:
A. authorized as legal tender by the central government. B. backed by precious metals-gold or silver. C. some form of debt or credit. D. generally accepted as a medium of exchange.