Which of the following is false?
a. A resource is anything that can be used to produce anything else we value.
b. Resources are costly because they have alternative uses
c. Losses mean resources are not being used efficiently.
d. None of the above is false; all are true.
Answer: d. None of the above is false; all are true.
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If economic profit is equal to zero, then
A) the entrepreneur's profit as measured by accountants is also equal to zero. B) the entrepreneur's profit as measured by accountants must be less than zero. C) the entrepreneur is making only a normal profit. D) The entrepreneur's profit cannot be determined based on the information given.
A central bank that does NOT follow the Taylor principle will fail to raise nominal interest rates by more than the increase in expected inflation
Therefore, higher inflation will lead to a ________ in real interest rates, resulting in ________-sloping monetary policy curves. A) decline; downward B) rise; downward C) rise; upward D) decline; upward