Refer to Figure 18.3. In autarky, the maximum amount of scooters that Livonia can produce is
A) 120. B) 100. C) 80. D) 40.
C
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Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
Which of the following would not cause a shift in the supply curve for a good?
a. An increase in demand for that good. b. An increase in the cost of labor used to produce that good. c. A change in the cost of raw materials used to produce that good. d. A decrease in the cost of machinery used to produce that good.
The supply of money is determined by
a. the price level. b. the Treasury and Congressional Budget Office. c. the Federal Reserve System. d. the demand for money.
Which of the following helps explain the problem of disappearing political discourse?
A. Moral hazard B. The lemons model C. Statistical discrimination D. Adverse selection