If this firm produced at its most efficient output level it would produce _______ units.
A. 70
B. 80
C. 90
D. 100
C. 90
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To determine the total demand for all consumers, sum the quantity each consumer demands
A) at a given price. B) at all prices and then sum this amount across all consumers. C) Both A and B will generate the same total demand. D) None of the above.
Which of the following will increase the velocity of circulation?
a. Interest rates increase. b. The inflation rate decreases. c. Federal banking legislation abolishes credit cards. d. Employers decide to pay employees once a month instead of once a week.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Suppose the exchange rate between the U.S. and Argentina is initially set at 20 pesos per dollar and increases to 25 pesos per dollar. In the U.S. economy this would be expected to
A. increase exports and decrease imports. B. increase both exports imports. C. decrease both exports imports. D. increase imports and decrease exports.