Which of the following involves using resources to produce the maximum amount of goods and services?
a. utilization
b. underutilization
c. efficiency
d. overefficiency
Ans: c. efficiency
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If the forward exchange rate of the dollar in terms of pounds is less than the spot exchange rate,
A) inflation must be lower in the United States than in Britain. B) inflation must be higher in the United States than in Britain. C) market participants must be expecting the dollar to appreciate against the pound. D) market participants must be expecting the dollar to depreciate against the pound.
The learning curve
A) is really no different from a marginal cost curve. B) calculates average cost at a particular point in time. C) shows the decrease in unit cost as more of the same product is produced over time. D) None of the above
Adam Smith listed three types of motives for people holding money?transaction, precautionary, and speculative
a. True b. False Indicate whether the statement is true or false
At equilibrium expenditure...
a) consumers' expenditures on goods and services equal firms' purchases of investment goods b) firms hold no inventories of raw materials or final goods c) aggregate planned expenditure equals real GDP d) aggregate planned expenditure equals real GDP minus net exports