Farmers can plant either corn or soybeans in their fields. Which of the following would cause the supply of soybeans to increase?
A) an increase in the demand for corn B) an increase in the price of soybeans
C) a decrease in the price of corn D) an increase in the price of soybean seeds
C
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Mobile source standards in the U.S. are solely benefit-based, which means they are set
a. to achieve allocative efficiency b. to maximize total social benefits c. at the point where MSB is maximized d. at the abatement level where MSC is zero e. none of the above
During this year, nominal GDP in Syldavia was $720 billion and real GDP was $720 billion. The GDP price index in Syldavia in this year was
A) 0, because nominal GDP equaled real GDP. B) 100. C) 720. D) -1. E) 720 billion.
Which of the following are NOT included among Gordon's criticisms of Friedman's fooling model?
A) Workers buy many goods on a weekly basis and thus could discover quite quickly that prices had risen. B) Workers could discover movements in the aggregate price level fairly easily. C) The model relied on a non-market-clearing explanation of the labor market. D) Workers would predict higher prices if policies that led to higher prices in the past were used again.
Policies to reduce the likelihood of financial crises might include ________
A) enlarging government budget deficits B) reducing imbalances in global trade and capital flows C) keeping the inflation rate near or below zero D) more aggressive use of stabilization policy E) all of the above