An increase in demand will lead to a decrease in supply in the long run.
Answer the following statement true (T) or false (F)
False
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The tables above show a nation's labor demand and labor supply schedules and its production function. Given the equilibrium in the labor market, potential GDP is
A) $3.0 trillion. B) $3.7 trillion. C) $4.2 trillion. D) $4.5 trillion. E) $2.0 trillion.
The Coase theorem says that which of the following is necessary to lead to an efficient use of resources?
A) presence of transaction costs B) existence of property rights C) government intervention D) All of the above answers are correct.
The table below represents five points on the production possibility frontier for the small country of Bistro, which produces only crackers (measured in thousands of boxes) and cheese (measured in thousands of pounds): A B C D E Crackers 40 30
20 10 0 Cheese 0 5 10 15 20 Does the production possibility frontier demonstrate the law of increasing opportunity cost? How can you tell?
Which of the following is a primary policy tool of the Federal Reserve?
A) The federal funds rate B) Open market operations C) The prime rate D) The money supply