Choices need to be made because of all of the following, except limited _____
a. resources
b. income
c. wants
d. time
e. availability of goods
c
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If because they expect the central bank to disinflate, people reduce their inflation expectations, then is the sacrifice ratio larger or smaller the otherwise? Defend your answer by referring to the Phillips curve
In long-run equilibrium, purely competitive markets:
A. minimize total cost. B. maximize the sum of consumer surplus and producer surplus. C. yield economic profits to most sellers. D. inevitably degenerate into monopoly in increasing-cost industries.
Perfect information is a necessary condition of perfect competition.
Answer the following statement true (T) or false (F)