Other things constant, an increase in resource prices will:
A. increase aggregate demand.
B. decrease aggregate demand.
C. decrease aggregate supply.
D. increase aggregate supply.
Answer: C
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The decision about the forms in which to hold one's wealth is called the ________ decision.
A. life-cycle B. Fisher effect C. Taylor D. portfolio allocation
The false assumption that what is true for a part will also be true for the whole is called the:
A. paradox of thrift. B. fallacy of composition. C. post hoc fallacy. D. ceteris paribus assumption.
The amount of calendar time associated with the long run
A. varies by industry. B. is less than five years. C. is between one and five years. D. is greater than one year.
BHP Billiton is a Canadian company that owns mines in Canada that
A) produce nickel. After World War II, BHP Billiton began to compete with another Canadian firm, the International Nickel Company. This competition eventually ended International Nickel's monopoly in this market. B) produce bauxite, the mineral needed to produce aluminum. BHP Billiton began to mine bauxite after World War II. This competition eventually ended the Aluminum Company of America (ALCOA)'s monopoly in this market. C) produce coal. Until World War II, BHP Billiton had a monopoly on coal in Canada. D) produce diamonds.