Economic growth is a(n) _______ process.
A. Constant.
B. Exponential.
C. Arithmetic.
D. Linear.
B. Exponential.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Consider the market for turkeys. In the United States, because of Thanksgiving in the month of November,
A) there is a downward movement along the demand curve for turkeys. B) there is an upward movement along the supply curve for turkeys. C) the supply curve of turkeys shifts leftward. D) the demand curve for turkeys shifts leftward. E) neither the demand curve nor the supply curve shift; instead there is a movement along both curves.
Tom and Jerry have two tasks to do all day: makedishes and build fences. If Tom spends all day makingdishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day makingdishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. Jerry has a comparative advantage in:
A. dish production because he has the lower opportunity cost of a dishes. B. dish production because he has the higher opportunity cost of a dishes. C. fence production because he has the lower opportunity cost of a fence. D. fence production because he has the higher opportunity cost of a fence.
How are Federal Reserve Board Governors selected?