Unplanned inventory depletion is a warning sign of
A. Impending inflation.
B. Both a recessionary gap and cyclical unemployment.
C. A recessionary gap.
D. Cyclical unemployment.
Answer: A
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If a person who weighs 100 lbs. is riding in an elevator and is joined by a person weighing 120 lbs., what happens to the average weight of persons on the elevator?
A. It falls. B. It rises. C. It stays the same.
Monopolistic competition provides the benefit of product variety but at the cost of productive inefficiency.
True or False
Today, bank runs are
a. uncommon because of the high reserve requirement. b. uncommon because of FDIC deposit insurance. c. common because of the low reserve requirement. d. common because the FDIC is nearly bankrupt.
The efficient price of a license fee is determined by the difference between
a. Marginal revenue and marginal cost b. Average revenue and marginal cost c. Total revenue and total cost d. Average revenue and total cost e. Total revenue and marginal cost