Inflation rates over the last 40 years have generally:
A. decreased around the world.
B. unchanged for developing nations and decreased for developed nations.
C. increased around the world.
D. decreased for developing nations and increased for developed nations.
Answer: A
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In the figure above, which of the following represents a real flow of a factor of production?
A) Labor B) Wages C) Goods bought D) Services sold E) Firms' expenditures on factors of production
A firm engaging in efficient production, using current technology, ________ produce its current level of production with ________ inputs
A) could; fewer B) cannot; fewer C) cannot, more D) cannot; different
When regulating a natural monopoly, average cost pricing is usually used rather than marginal cost pricing because
A) average cost pricing allows the firm to earn a normal rate of return on investment, while marginal cost pricing leads to economic losses. B) average cost pricing is more economically efficient than marginal cost pricing. C) average cost pricing leads to lower profits than marginal cost pricing. D) average cost pricing leads to a lower market price than marginal cost pricing.
Assume that the economy is currently in short-run equilibrium, then the dollar appreciates in the foreign exchange market. Describe the correct sequence of events that happen as the economy adjusts to a new short-run equilibrium (be sure to state what the impact would be on the price level and Real GDP)