Your authors argue that unsustainable booms, followed by recessionary busts, are primarily caused by the Fed's expansionary monetary policies. Which of the following serves as an exception to their claim?
A) The Great Depression of the 1930s
B) The Great Recession of the late 2000s
C) The authors admit that both of the above are exceptions.
D) The authors argue that neither of the above are exceptions, but rather strong examples.
D
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In the case of a short-run production function:
A) all of the inputs are variable. B) the amount of labor employed is held constant. C) at least one of the inputs is fixed. D) all of the inputs are fixed.
Which of the following would be an appropriate discretionary fiscal policy to use when the economy is in a recession?
A. increased government spending B. higher taxes C. a balanced-budget reduction in both spending and taxes D. an expansion in the money supply
A perfectly competitive firm will maximize profits when
A) average cost is greater than marginal revenue. B) marginal cost is greater than marginal revenue. C) marginal cost is equal to marginal revenue. D) average cost is equal to average revenue.
In the above table, the marginal product of the second worker is
A) 1. B) 2. C) 3. D) 4.