We would expect a decrease in taxes to cause a movement down along the short-run Phillips Curve.
Answer the following statement true (T) or false (F)
False
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Unlimited wants need not be a problem if
A. resources are also unlimited. B. resources are flexible in what they can do. C. resources are basic energy resources like oil. D. resources are human resources such as skilled labor.
In the example of good and bad cigarettes, the authors found that bad cigarettes where inferior because
a. they are an economic bad. b. second hand smoke is an economic bad. c. they comprised a large portion of the smokers budget. d. many more useful goods are also inferior.
When an asset is used as a universal yardstick that is used for expressing the worth of different goods and services, it is serving the function of a ________
A) unit of account B) medium of exchange C) store of value D) loanable fund
Which of the following is least likely to issue commercial paper?
A) General Motors Acceptance Corporation B) A large bank holding company C) General Electric D) The U.S. Treasury