Without an accepted medium of exchange, people
A) have to specialize in one area of production.
B) have to resort to barter in order to exchange goods and services.
C) have to rely on gold or silver in order to exchange goods and services.
D) can efficiently obtain goods and services.
B
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Which of the following events in U.S. history did not create economic growth (shift the production possibilities curve outward)?
A. The Louisiana Purchase in 1803 that nearly doubled the land mass of the United States. B. Inventions of machines such as Cyrus McCormick's mechanical reaper. C. The introduction of the moving assembly line in automobile production by Henry Olds. D. The dramatic reduction in the U.S. unemployment rate from 1939 to 1941 as we prepared to enter World War II.
If the nominal interest rate is ________ and the inflation rate is ________, the real interest rate is positive
A) zero; positive B) negative; zero C) zero; negative D) negative; negative
Using the above figure, the perfectly competitive firm should shut down if the market price is below
A) P1. B) P2. C) P3. D) P4.
If price were $12, there would be _____ (shortage or surplus) of about _____.
