The second half of the 1940s was a period of
A. recession.
B. no economic growth.
C. very slow economic growth.
D. fairly high economic growth.
D. fairly high economic growth.
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The quantity of labor demanded by a firm depends upon
A) the nominal wage rate not the real wage rate. B) the real wage rate not the nominal wage rate. C) both the real wage rate and the nominal wage rate. D) neither the real wage rate nor the nominal wage rate. E) either the real wage rate or the nominal wage rate, depending whether the price level is increasing or decreasing.
Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the efficient quantity of satellites is
A) 0. B) 1. C) 2. D) 3.
The Federal Reserve will tend to tighten monetary policy when
a. interest rates are rising too rapidly.
b. it thinks the unemployment rate is too high.
c. the growth rate of real GDP is quite sluggish.
d. it thinks inflation is too high today, or will become too high in the future.
GM decides to build a new plant using retained earnings. All of the following are true except
A. GM is engaging in saving on behalf of its shareholders. B. GM stock appreciates in value. C. GM is avoiding experiencing opportunity costs. D. GM's tangible capital will increase as a result.