If the economy were producing at point F,
A. it would not be using its resources efficiently.
B. it would be in a recession.
C. it could gain units of guns without having to sacrifice units of butter.
D. it would specializing exclusively in butter production.
D. it would specializing exclusively in butter production
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In what sense do self-fulfilling expectations determine the acceptability of a medium of exchange?
A) People like to do what the government expects them to do. B) People value something as money only if they believe others will accept it from them as payment. C) People expect that money will never lose its value. D) People expect that eventually every country will use the same medium of exchange.
A rise in the overall price level means that:
A. a given number of dollars won't buy as much real goods and services. B. dollar-denominated assets have lost their value. C. the cost of living has gone down. D. None of these is true.
Each property has unique features, whether it is its age, the building design of its structures, or its location. As such, real estate markets consist of assets that are considered:
A. homogeneous B. heterogeneous C. substitutes D. complements
Refer to Figure 3-13. Suppose Peru decides to increase its production of rubies by 30. What is the opportunity cost of this decision?
a. 1/8 emerald b. 1/3 emerald c. 1 emerald d. 3 emeralds