Individuals, firms, and societies are limited in the amount of goods and services that they can produce. This is a direct result of:
A. unemployment.
B. waste.
C. irrational behavior.
D. scarcity.
D. scarcity.
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The real seignorage collected by the government in an all-currency economy is the product of
A) the rate of inflation and the real supply of government bonds. B) the rate of inflation and the real money supply. C) the debt—GDP ratio and the real money supply. D) the debt—GDP ratio and the rate of inflation.
Which of the following is generally true of nominal wages? a. In the long run, nominal wages tend to equal real wages
b. Nominal wages are more flexible downward than upward. c. Nominal wages are more flexible than prices. d. Nominal wages tend to adjust slowly in the downward direction. e. Nominal wages do not rise during labor shortages.
Many of the new pollutants to which the world has been subjected are
A. more visible to the naked eye. B. less malodorous and less visible. C. less dangerous due to new environmental regulations. D. pose less health risks.
Over the last decade, the ____ quality of our labor force has been a factor in ____ our rate of economic growth.
A. increasing; decreasing B. increasing; increasing C. decreasing; increasing D. decreasing; decreasing