If the price level increases more rapidly than expected, _____
a. output will decrease
b. output will increase
c. output will not change
d. real wages will increase
e. unemployment will increase
b
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In the long run:
A) all factors of production are fixed. B) only some inputs of a firm can be changed. C) all firms earn positive economic profits. D) all factors of production can be changed.
For a common resource, the equilibrium with no government intervention is such that ________ is less than ________
A) marginal private cost; marginal social benefit B) marginal social benefit; marginal social cost C) marginal private benefit; marginal social benefit D) total social benefit; total social cost
If an objective of public policy is to allocate pollution to those factories that face the highest cost of reducing it, then that objective could be achieved by
a. a corrective tax, but not by regulation. b. regulation, but not by a corrective tax. c. either regulation or a corrective tax. d. neither regulation nor a corrective tax.
Whenever actual reserves exceed required reserves, the bank
What will be an ideal response?