A product's ability to satisfy a large number of consumers at the same time is called:
A. rent-seeking.
B. simultaneous consumption.
C. network effects.
D. consumer sovereignty.
Answer: B
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The theory that nominal exchange rates are determined so that the law of one price holds is called:
A. the law of supply and demand. B. the equilibrium principle. C. purchasing power parity. D. the fixed-exchange-rate rule.
An increase in labor supply would cause the IS curve to
A) shift up and to the right. B) shift down and to the left. C) remain unchanged. D) shift up and to the right only if people face borrowing constraints.
The original intention of the Fed's role as lender of last resort was to make loans to banks that were
A) not illiquid nor insolvent. B) illiquid, but not insolvent. C) insolvent, but not illiquid. D) both illiquid and insolvent.
If a firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by:
a. the price of its output times the labor's marginal physical productivity. b. the marginal value product of labor. c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital. d. all of the above.