Which item is not a factor of production?
A. land
B. machines and buildings
C. money
D. labor
Ans: C. money
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The deposit-creation process can continue as long as
a. banks have required reserves b. banks have excess reserves c. the Fed sells bonds d. banks sell bonds to the public e. the required reserve ratio does not change
The entry of new firms into a monopolistic competitive industry will shift the
a. market demand curve to the right b. market demand curve to the left c. existing firms' demand curves to the right d. existing firms' demand curves to the left e. market supply curve to the left
The economy is initially in long-run equilibrium. Expectations are adaptive, prices and wages are flexible, and there is an unanticipated increase in aggregate demand. In the short run, the price level will be __________ than it was in long-run equilibrium and Real GDP will be __________ than it was in long-run equilibrium
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
Advertising can impede economic efficiency when it:
A. reduces entry barriers. B. reduces brand loyalty. C. leads to greater monopoly power. D. provides consumers with useful information about product quality.