A key idea in the study of economics is that increasing ______ leads to economic growth.
a. regulation
b. productivity
c. population
d. dedication
b. productivity
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A country reports that its inflation rate and unemployment rate have both increased. These changes could be the result of
A) a movement downward along the short-run Phillips curve. B) a movement upward along the short-run Phillips curve. C) a downward shift of the short-run Phillips curve. D) an upward shift of the short-run Phillips curve. E) a leftward shift of the long-run Phillips curve.
Which of the following events would most likely be considered a macroeconomic shock?
A) A drought destroys 25% of the strawberry crop in California. B) Mismanagement results in a federal takeover of the largest credit union in the United States. C) OPEC unexpectedly announces a 40% reduction in oil production. D) The Federal Reserve decides to increase the discount rate by 0.25% for the third time in 12 months.
Which of the following mergers would result from the purchase of a computer chip company by IBM?
a. A horizontal merger. b. A vertical merger. c. A conglomerate merger. d. An interlocking merger.
In which of the following situations would GDP not change?
A. More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home. B. As domestic consumers buy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers. C. Domestic consumers begin to buy less imported wine, and instead spend just as much money on domestically produced wine. D. Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory.