A trade-off between unemployment and inflation is reflected in the
A. Phillips Curve.
B. natural rate of unemployment.
C. economic stability.
D. nonaccelerating inflation rate of unemployment (NAIRU).
Answer: A
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If Congress fails to pass a budget before the fiscal year starts, then federal agencies may continue to operate only if Congress has passed a:
a. deficit reduction plan. b. continuing resolution. c. conference resolution. d. balanced budget amendment.
Returns to scale refers to
A. what happens to output when all inputs are varied in some proportion. B. what happens to output when all inputs are held fixed. C. the law of diminishing returns. D. what happens to output when at least one input is fixed and one is varied.
With a linear production function there is a:
A. perfect complementary relationship between all inputs. B. variable-proportion relationship between all inputs. C. fixed-proportion relationship between all inputs. D. perfect substitutable relationship between all inputs.
Predatory pricing is used primarily to:
A) discourage new firms from entering a market. B) reduce (limit) the profits of all of the firms in the industry. C) drive other firms out of a market. D) establish a minimum price all of the firms in the market will charge.