Related to the Economics in Practice on p. 647: Surveys by the bank of England suggest that two important factors in influencing ________ are gas prices and media attention to price increases.
A. the stock of money
B. the income velocity of money
C. consumer perceptions of inflation
D. interest rates
Answer: C
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A new country has been established on the moon and created a currency called cheesybits. Which of the following represents a supply of cheesybits?
A. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill. B. Luna lives on the moon and wants to travel to visit relatives in Japan. C. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon. D. Spacejunk Corporation sells recycled spacecraft parts to Rockets-R-Us in California.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The leader of a federal political party made the following campaign promise: "my administration will increase national defense without requiring sacrifices elsewhere in the economy." the promise can be kept if:
A. the economy moves along the production possibilities in the direction of a greater quantity of defense. B. the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve. C. the production possibilities frontier shifts outward due to an improvement in technology. D. either b) or c) occurs, but not as a result of a)
"If Congress cuts income taxes, demand for output is likely to increase" is a ________ statement about ________ policy.
A. positive; monetary B. normative; fiscal C. normative; monetary D. positive; fiscal