The capacity of a firm can best be described as:
A) when a firm are producing maximum output
B) a firm's production when operating normal hours using a normal sized workforce
C) when a firm makes full use of all the space available in his factory or building
D) when all of the firm's workers are producing at their maximum potential
B
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Refer to Figure 4.2. A Nash equilibrium exists
A) only where all three players go to the movie theater. B) only where all three players go to the bowling alley. C) where all three players go to the movie theater and where all three players go to the bowling alley. D) These is no Nash equilibrium in this game.
Refer to Figure 2-11. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A = households; B = firms B) A= firms; B = product markets C) A = firms; B = households D) A = households; B = factor markets
Which of the following is the largest measure of money in the United States?
A) Federal Reserve notes B) definitive money C) M1 D) M2
Suppose monetary neutrality holds and velocity is constant. A 4 percent increase in the money supply
a. increases the price level by more than 4 percent. b. increases the price level by 4 percent. c. increases the price level by less than 4 percent. d. increases real GDP by 4 percent.