Output growth is the growth rate of output of the entire economy.
Answer the following statement true (T) or false (F)
True
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For the past 40 years the Federal Reserve has expressed policy in terms of a target value for:
A. open market operations. B. bank reserves. C. the Federal Reserve discount rate. D. the federal funds rate.
A decrease in the price of an input will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?
A) first come, first served B) lottery C) contest D) command system
The figure above shows a firm in a perfectly competitive market. The firm will shut down if price falls below
A) P1. B) P2. C) P3. D) P4.