Which of the following can result in job rationing?
i. minimum wage
ii. union wage
iii. diminishing returns
A) i, ii, and iii B) i and ii C) iii only D) i only E) ii only
B
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Consider the two graphs above. Suppose that firms are able to use inventories as collateral for low-interest loans. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
Under a flexible exchange rate system, a nation that offers more attractive investment opportunities than its trading partners can expect to run a
a. surplus on current account transactions. b. deficit on current account transactions. c. balance of trade surplus. d. capital account deficit.
In a perfectly competitive market, when the price is greater than the minimum average total cost for all firms:
A. positive economic profits are being earned. B. firms will exit, causing the price to drop. C. firms will enter, causing the price to increase. D. None of these is true.
If an increase in the price of some goods outweighs other prices that remain constant or decrease then there is:
A. Inflation. B. Deflation. C. Stagflation. D. Reflation.