What are the components of M2?
What will be an ideal response?
money market mutual funds; deposits in savings accounts; small time-deposits; M1
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The short run is a period of time in which
A) the quantity of at least one factor of production is fixed. B) the amount of output is fixed. C) prices and wages are fixed. D) nothing the firm does can be altered.
The marginal product of land depends only on the quantity of land available
a. True b. False Indicate whether the statement is true or false
Suppose you knew that in one year the unemployment rate will be higher than it currently is, and the inflation rate will be 2 percent. Based on the Phillips curve, what can you assume?
a. The unemployment rate is currently at least 5 percent. b. The inflation rate is currently 2 percent. c. The inflation rate is currently over 2 percent. d. The unemployment rate in one year will be at least 5 percent.
Suppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity of demand for dozens of eggs is:
A. perfectly inelastic. B. inelastic. C. unit elastic. D. elastic.