Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, ________ increased and ________ decreased.
A. consumer prices; productivity
B. competition; profits
C. profits; consumer prices
D. consumer prices; competition
Answer: C
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If people expect the Fed to adopt a(n) ________ for several years, the long-run real interest rate will remain ________
A) contractionary fiscal policy; high B) expansionary fiscal policy; low C) expansionary monetary policy; low D) contractionary monetary policy; low
Refer to Figure 4-15. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $20. B) $22. C) $27. D) $32.
If a large number of individuals file unemployment claims while working in the underground economy: a. the unemployment rate overstates the level of unemployment
b. the unemployment rate understates the level of unemployment. c. the accuracy of the unemployment rate is not affected. d. discouraged worker statistics will underestimate the true state of frustration by job seekers.
Capital refers to
A. manufactured goods used to produce other goods or services. B. the work and time for which employees are paid. C. natural resources as well as "man"-made goods. D. the person who assembles the needed resources to start a business.