The curve most economists use to follow the relationship between the interest rates and bonds' time to maturity is the:
A. demand of money curve.
B. yield curve.
C. effective supply of money curve.
D. aggregate demand curve.
Answer: B
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It takes many years to train to become an orthopedic surgeon. This suggests that, in the short run, a sudden increase in the demand for orthopedic surgeons will:
A. lead to a large increase in the number of orthopedic surgeons. B. have no impact on the number of people who decide to become orthopedic surgeons. C. not affect the salaries of orthopedic surgeons. D. have little effect on the number of trained orthopedic surgeons.
Suppose a profit-maximizing firm in a perfectly competitive market is earning an economic profit of $1,345. If the firm's fixed cost increases from $200 to $300, the firm will:
A. earn a smaller profit. B. reduce its output. C. earn a greater profit. D. raise its price.