Uncertainty is the result of ________ information that is often associated with ________ events.
A) incomplete; known
B) incomplete; random
C) complete; random
D) complete; known
B) incomplete; random
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Which of the following shifts the supply curve for good X leftward?
A) a situation in which quantity demanded exceeds quantity supplied B) an increase in the cost of the machinery used to produce X C) a technological advance in the production of X D) a decrease in the wages of workers employed to produce X
In 2007-2009, the Fed cut interest rates to limit the international financial crisis. What is the effect of this on velocity?
a. It will decrease. b. It will increase. c. It will remain constant. d. Velocity is unrelated to interest rates.
Exhibit 16-4 Aggregate demand and supply model
In Exhibit 16-4, which one of the following actions could the Fed use to shift the AD curve from AD1 to AD2?
A. raise the legal reserve requirement B. lower the discount rate C. lower the federal funds rate D. sell government securities
"Excludability" means that:
A. buyers can restrict other buyers from making purchases in that market. B. government can prevent consumers from buying the good. C. when one person buys a good, it is not available for others to buy. D. sellers can restrict the benefits of a good to those who pay for it.