As inflation increases, purchasing power ______.
a. increases
b. decreases
c. remains constant
d. falls to zero
b. decreases
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Everything else held constant, if aggregate output is to the left of the LM curve, then there is an excess ________ of money which will cause the interest rate to ________
A) supply; fall B) supply; rise C) demand; fall D) demand; rise
The spectrum of market structures, aligned from the least to the greatest number of firms, spans
a. monopoly to duopoly b. monopoly to oligopoly c. monopoly to triopoly d. monopoly to perfect competition e. monopolistic competition to oligopoly
International trade exists because countries
A) can make themselves better off through trade. B) want to be neighborly with each other. C) want to be political allies. D) want to improve diplomatic relations with each other. E) want to avoid war with each other.
Productive efficiency refers to:
A. the use of the least-cost method of production. B. the production of the product mix most wanted by society. C. the full employment of all available resources. D. production at some point inside of the production possibilities curve.