The long-run equilibrium level of RGDP only changes when the LRAS shifts
a. True
b. False
Indicate whether the statement is true or false
True
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Fill in the blank: The Players Union went on strike against the NBA during the 1998-1999 season, canceling games for weeks
Other things constant, the strike and subsequent cancellation of games would tend to ________ the price elasticity of demand for hockey tickets during the same period the NBA games were canceled. A) worsen B) preserve C) increase D) decrease
The simple deposit multiplier can be expressed as the ratio of the
A) change in reserves in the banking system divided by the change in deposits. B) change in deposits divided by the change in reserves in the banking system. C) required reserve ratio divided by the change in reserves in the banking system. D) change in deposits divided by the required reserve ratio.
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A) always tend to act in an altruistic manner. B) always consider the impact of their actions on the welfare of others. C) are motivated by self-interest. D) are generally not concerned with economic questions.
One thing that did not happen in the former Soviet Union was
a. widespread corruption b. a lack of faith in formal institutions c. workers bribing officials to get good jobs d. consumers paying fair market prices to get desired products e. prices not being allowed to allocate resources efficiently