From 1991 to 2007, the rate of inflation in the U.S. has been
a. zero.
b. between zero and 2.1%.
c. between 1.6% and 4.1%.
d. between 3.2% and 7.2%.
c
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The explicit cost of production is also called
A) accounting cost. B) overhead cost. C) direct cost. D) variable cost.
Since 1980, ________ are subject to reserve requirements
A) only commercial banks B) only the member institutions of the Federal Reserve C) only nationally chartered depository institutions D) all depository institutions
Shocks to the economy force people to make changes because
What will be an ideal response?
Suppose that by devoting all of its resources to the production of A, the nation of Econia can produce 50 A. By devoting all of its resources to the production of B, Econia can produce 25 B. The comparable figures for the nation of Optima are 5 A and 5 B. According to the principle of comparative advantage, which nation will specialize in which product? What are the limits to the terms of trade?
What will be an ideal response?