A profit-maximizing monopoly will always produce at the minimum point of its average total cost (ATC) curve
a. True
b. False
B
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When the government sets a price floor which is below the equilibrium price
A. a price ceiling will follow. B. a shortage will develop. C. a surplus will develop. D. the equilibrium price will be maintained.
The sum of currency and reserves of depository institutions is the ________
A) reserves of the Fed B) assets of the Fed C) monetary base D) vault cash
Over the past 90 years or so, the inflation rate has
a. generally increased b. been positive in most years c. stayed low d. been negative in most years e. dramatically increased
Which of the following is a true statement about real and nominal GDP?
A) If nominal GDP increases from one year to the next, we know that production of goods and services has risen. B) Nominal GDP is a better measure than real GDP in comparing changes in the production of goods and service year after year. C) Increases in average prices do not affect the calculation of nominal GDP. D) If real GDP increases from one year to the next, we know that production of goods and services has risen.