What is the opportunity cost of going from point D to point C?
30 houses
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The Fed's purchase of government securities could
A) increase loans made by banks. B) be an effective anti-inflationary policy. C) decrease the price level and have no effect on real GDP. D) decrease bank reserves.
Under some circumstances, trade could stifle the development of new industries and reduce global efficiency. All of the following describe conditions that could lead to that situation EXCEPT
A) an initial head start gives a scale advantage to already existing firms in one country. B) diseconomies of scale make it impossible for new firms to enter the market. C) a location has a better-developed linkage between suppliers and producers, giving it a cost advantage. D) a historical accident, such as the shifting of airplane production to the United States to avoid World War II bombings, causes firms in one location to have a competitive advantage.
Making choices that are expected to achieve the highest possible value for some objective is termed:
A) maximizing. B) minimizing. C) sanitizing. D) satisfying.
Smoothing a time series of observations
A) is a form of statistical cheating. B) is used to reveal an underlying pattern in the data. C) renders the resultant forecast unusable. D) allows statisticians to use less data than would otherwise be required.