All the goods and services we produce are ____________ .
a. expensive.
b. scarce.
c. recyclable.
d. efficiently produced.
Ans: b. scarce.
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In the United States, who determines monetary policy? What is the major tool used to determine monetary policy?
What will be an ideal response?
A political equilibrium can never be reached without voters, firms, politicians and ________
A) bureaucrats B) public costs C) indifference curves D) market prices
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that X is a normal good, Y is an inferior good, and the price of good Y decreases. Then, which of the following effects is known with certainty?
A. The income and substitution effects will have competing effects, leading to an indeterminate impact on the consumption of good Y. B. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good X. C. The income and substitution effects reinforce one another leading to an overall decrease in the consumption of good X. D. The income and substitution effects will reinforce one another, leading to an overall decrease in the consumption of good Y. E. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y.
Answer the following questions true (T) or false (F)
1. The index of leading economic indicators of business activity is designed to indicate business fluctuations before they occur. 2. The producer price index accounts for changes in the prices of goods and services purchased by consumers. 3. The short run Phillips curve illustrates the relationship between the rate of inflation and the unemployment rate.