The real interest rate can be expressed as the:
a. nominal interest rate minus the real interest rate.
b. inflation rate minus the nominal interest rate.
c. nominal interest rate minus the inflation rate.
d. nominal interest rate plus the inflation rate.
c
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On Naomi’s pig farm, Naomi hires all the labor used, grows all the grain fed to the pigs, and owns the barn. The costs used to calculate the total cost curve include
A. only the cost of labor. B. only the cost of labor and the cost of grain, which is completely consumed in the period in which it is grown. C. only the variable cost of growing grain. D. the cost of labor, the cost of growing grain, and the opportunity cost of the barn.
Which of the following applies most generally to supply in the long run?
A) Average total cost must decline. B) Producers are able to make change in all their factors of production. C) Producers are only able to make change in their variable factors of production. D) All original producers will leave the market.
A cartel is a group of firms that acts as if it were a monopoly and produces where MR = MC for the industry
Indicate whether the statement is true or false
Which of the following is correct?
a. Economic fluctuations are easily predicted by competent economists. b. Recessions have never occurred very close together. c. Spending, income, and production do not fluctuate closely with real GDP. d. None of the above is correct.