__________________ is attained when the maximum possible output of any one good is produced, given the output of other goods.
A. Productive efficiency
B. Economic growth
C. Opportunity cost
D. Employment discrimination
A. Productive efficiency
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Which of the following is the proper order of assets ranked from most to least liquid?
a. Demand deposits, cash in the hands of the public, large time deposits b. Travelers' checks, small time deposits, savings-type accounts c. Small time deposits, large time deposits, demand deposits d. Cash in the hands of the public, savings-type accounts, demand deposits e. Cash in the hands of the public, money market mutual funds, small time deposits
The infant-industry argument about tariffs implies that
a. it is unfair to levy tariffs on items intended for use by infants. b. tariffs should be levied on foreign products that compete with new domestic industries only in the short run. c. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run. d. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.
Assume that a college student purchases only Ramen noodles and textbooks. If Ramen noodles are an inferior good and textbooks are a normal good, then the substitution effect associated with a decrease in the price of Ramen noodles, by itself, will result in
a. a decrease in the consumption of textbooks and a decrease in the consumption of Ramen noodles. b. a decrease in the consumption of textbooks and an increase in the consumption of Ramen noodles. c. an increase in the consumption of textbooks and an increase in the consumption of Ramen noodles. d. an increase in the consumption of textbooks and a decrease in the consumption of Ramen noodles.
In economics, the expression "You can lead a horse to water, but you can't make it drink" illustrates the:
A. crowding-out effect. B. cyclical asymmetry of monetary policy. C. administrative lag that occurs in formulating monetary and fiscal policies. D. operational lag in monetary policy.