Which of the following goods would be considered scarce?
a. iPods
b. crude oil
c. tax preparation services
d. all of the above
d
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Which of the following is the most accurate description of events when monetary authorities increase the size of commercial banks' excess reserves?
A. A rise in interest rates increases the money supply, causing a decrease in investment spending, output, and employment. B. The money supply is decreased, which increases the interest rate, and causes investment spending, output, and employment to decrease. C. A fall in interest rates decreases the money supply, causing an increase in investment spending, output, and employment. D. The money supply is increased, which decreases the interest rate and causes investment spending, output, and employment to increase.
Recessions are associated with lower incomes, rising unemployment, and falling profits
a. True b. False Indicate whether the statement is true or false
Cartels are difficult to maintain because a. the monopoly output is very difficult to determine
b. the number of firms is always large. c. costs to the firms in a cartel are continually rising. d. each firm has an incentive to deviate from its agreed output level.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.