Economic growth may be represented by a(n):
a. leftward shift of a production possibilities curve.
b. outward shift of a production possibilities curve.
c. movement along a production possibilities curve.
d. production possibilities curve that remains fixed.
b
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When the Fed engages in open market operations, it is buying or selling
A) loans made to banks to meet the legal reserve requirement ratio. B) gold. C) U.S. government securities newly issued by the U.S. Treasury. D) capital equipment. E) U.S. government securities.
Which of the following is true for a firm operating under perfect competition, monopolistic competition, and monopoly?
a. Firms earn positive economic profits in the long run. b. Firms earn zero economic profits in the long run. c. Profits are maximized when marginal cost equals marginal revenue. d. Price equals marginal cost.
Elasticities are often _______ in the short run than in the long run.
a. higher b. lower c. equal d. congruent
Between 2006 and 2008 the poverty rate
A. rose by about one percent. B. fell by about one percent. C. rose by around three percent. D. fell by about three percent.