If a firm triples inputs and produces twice the output, then there are
A) constant returns to scale.
B) diminishing marginal product.
C) decreasing returns to scale.
D) increasing returns to scale.
C
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A change in nominal GDP sums up changes in
A) prices alone. B) physical production alone. C) physical production and hours of production time. D) physical production and prices.
Why does the Fed have imperfect control over the money supply over short periods?
a. Because of unpredictable changes in reserve requirements b. Because the public responds to open market operations in unpredictable fashions c. Because the Fed does not know how much reserves will change when it buys or sells securities d. Because of unpredictable changes in public desire to hold cash and banks' desires to hold reserves
Which of the following is true?
A) An outstanding credit card balance is an asset that adds to your personal wealth. B) Interest rates charged by credit card companies are generally high because the loans are unsecured. C) The power of compound interest benefits those with outstanding credit card balances. D) An unused balance on your credit card is like money in the bank.
If an increase in the price of good X results in a decrease in the quantity of Y demanded:
A. good X and good Y are substitutes. B. good X and good Y are complements. C. the cross-price elasticity of demand for good Y is positive. D. There is not sufficient information to determine the relationship between good X and good Y.