When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.
A. demand schedule
B. market price
C. quantity supplied
D. demand curve
Answer: C. quantity supplied
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When a country's real exchange rate appreciates,
A) its nominal exchange rate must also have appreciated. B) its nominal exchange rate must have depreciated. C) it can trade its goods for fewer units of foreign goods. D) it can trade its goods for more units of foreign goods.
If the Fed unexpectedly increases the money supply, real GDP
a. increases because the resulting increase in the interest rate leads to a decrease in investment. b. increases because the resulting decrease in the interest rate leads to an increase in investment. c. decreases because the resulting increase in the interest rate leads to a decrease in investment. d. decreases because the resulting increase in the interest rate leads to an increase in investment. e. decreases because the resulting decrease in the interest rate leads to an increase in investment.
The potential profit from new technological advancements and innovations
A. gives the public sector a better incentive to make investments into farsighted research. B. provides similar incentives to the private and public sectors with respect to researching new technologies. C. leads to rent-seeking behavior and corruption in government. D. gives the private sector a better incentive to commercialize new technologies.
The basic economic problem of scarcity
A) has always existed and will continue to exist. B) will eventually disappear as technology continues to advance. C) is a problem only in developing economies. D) does not apply to the wealthy in society.