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5 Written questions

5 Matching questions

  1. Which of the following is an example of the interest-rate effect, assuming the U.S. price level decreases?
  2. Externalities are the:
  3. Which of the following is true about the short run?
  4. Given that resources are scarce:
  5. A decline in real GDP for at least two consecutive quarters is referred to as:
  1. a The demand for loans decreases so interest rates decline and loan-financed purchases increase
  2. b A recession.
  3. c Difference between social and private costs or benefits.
  4. d Some inputs are fixed.
  5. e Opportunity costs are experienced whenever choices are made.

5 Multiple choice questions

  1. Profit-maximization rule.
  2. Real balances; an increase
  3. Maximize total profit.
  4. Rent for the factory
  5. 0.5.

5 True/False questions

  1. If demand is unitary elastic, then a price cut:Price and quantity demanded are inversely related.


  2. 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.


  3. In long-run competitive market equilibrium, price equals _______ and economic profit is ______.Minimum average total cost; zero


  4. If marginal cost equals price, then _____ is at a maximum.Profit


  5. If Pepsi and Coke are the only two soft drink producers, they could be considered:A duopoly.


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