The Full Employment and Balanced Growth Act of 1978 is also called the Humphrey-Hawkins Act and requires the President to appear before Congress twice a year to present his forecast for the economy
Indicate whether the statement is true or false
FALSE
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Which of the following is NOT a situation providing a potential advantage for Mexico that makes it competitive compared to China in trade with the United States?
A) The product line requires quick turn-around time from or to delivery. B) The need to manage a just-in-time inventory system C) Wages are low and the production process is labor intensive. D) The product is heavy and bulky relative to its final value.
If all inputs are increased by 5 percent and output increases by 8 percent, then the
A) firm experiences constant returns to scale. B) long-run average cost curve slopes downward. C) long-run average cost curve shifts downward. D) firm experiences diseconomies of scale.
One cost of a perfectly anticipated inflation is that it
A) transfers wealth from lenders to borrowers. B) transfers wealth from borrowers to lenders. C) increases menu costs. D) damages the role of prices as signals in the economy.
Which statement best defines efficiency?
a. when it becomes possible to benefit at least one party without imposing costs on others b. when it is impossible to improve the situation of one party without imposing a cost on another c. the amount that a seller is paid for a good minus the seller’s actual cost d. the amount that individuals would have been willing to pay, minus the amount that they actually paid