Aggregate surplus:
A. is minimized under perfect competition.
B. is the difference between consumer and producer surpluses.
C. is the sum of consumer and producer surpluses.
D. will never be positive in the long run.
C. is the sum of consumer and producer surpluses.
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An isocost line shows
A) combinations of the two inputs that result in the same profit for a firm. B) the different levels of total cost that result from various combinations of two inputs. C) combinations of two inputs that result in the same total cost for a firm. D) combinations of two inputs that result in the same total output for a firm.
Identify the comovement (i.e., direction and timing) of the following variables over a business cycle:
(a) industrial production (b) unemployment (c) nominal interest rates (d) nominal money supply growth (e) investment
The cost of borrowing funds which is stated on a loan is the
A) prime interest rate. B) nominal interest rate. C) real interest rate. D) core PCE interest rate.
Which of the following goods may have demand that is potentially affected by the bandwagon effect?
A) Satellite radio B) Cellular telephones C) High-definition (HD) televisions D) Electronic book readers E) all of the above