The __________________ traces the flow of money, resources, and goods and services through the economy.
Fill in the blank(s) with the appropriate word(s).
circular flow model
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If additional units of a good are produced at an increasing opportunity cost, the production possibilities frontier would be bowed outward (concave)
Indicate whether the statement is true or false
Given the quantity theory of money demand, a doubling of the money supply will lead to a
A) halving of the velocity of money. B) doubling of the level of real output. C) doubling of the level of nominal output. D) rise in the level of interest rates.
Adverse selection is a problem that arises:
A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market.
Compared to the severe recession of 1981-1982, the growth of real GDP during the first two years of recovery from the 2008-2009 recession was
a. much more rapid and the unemployment rate fell by a smaller amount after the more recent recession. b. slower and the unemployment rate fell by a smaller amount after the more recent recession. c. more rapid but the unemployment rate fell by a smaller amount after the more recent recession. d. similar and the decline in the rate of unemployment was almost identical during the recovery from each of these recessions.