Wars, new inventions, harvest failures, and changes in government policy are examples of
A) the business cycle.
B) economic models.
C) shocks.
D) opportunity costs.
C
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When the economy is producing at a quantity greater than its long-run aggregate supply:
A. it is pushing some of its resources to operate beyond capacity. B. the economy is experiencing greater economic growth. C. it causes a bubble to form in one of its major sectors. D. we are experiencing a recession.
If the real rate of return is 3 percent, and the inflation rate is 4 percent, then the nominal interest rate must be:
A. ?1 percent. B. 1 percent. C. 7 percent. D. ?7 percent.
The following countries as a group represent the most important markets for U.S. agricultural exports:
A) Developing countries B) Developed countries C) Centrally planned countries D) Former Soviet Union members
Refer to the data. Nominal GDP in year 4 is:
A. $320.
B. $450.
C. $225.
D. $800.