5 Written questions
5 Matching questions
- Which of the following is an example of the interest-rate effect, assuming the U.S. price level decreases?
- Externalities are the:
- Which of the following is true about the short run?
- Given that resources are scarce:
- A decline in real GDP for at least two consecutive quarters is referred to as:
- a The demand for loans decreases so interest rates decline and loan-financed purchases increase
- b A recession.
- c Difference between social and private costs or benefits.
- d Some inputs are fixed.
- e Opportunity costs are experienced whenever choices are made.
5 Multiple choice questions
- Profit-maximization rule.
- Real balances; an increase
- Maximize total profit.
- Rent for the factory
5 True/False questions
If demand is unitary elastic, then a price cut: → Price and quantity demanded are inversely related.
Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as: → Frictional unemployment will always exist.
In long-run competitive market equilibrium, price equals _______ and economic profit is ______. → Minimum average total cost; zero
If marginal cost equals price, then _____ is at a maximum. → Profit
If Pepsi and Coke are the only two soft drink producers, they could be considered: → A duopoly.