If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs
A) new resources are discovered B) all resources are fully utilized
C) technology advances D) resources are underutilized
B
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If the production technology in a Robinson Crusoe economy has increasing returns to scale, there is not competitive equilibrium.
Answer the following statement true (T) or false (F)
Any supplement to consumer spending that increases domestic aggregate output and income is called a leakage
Indicate whether the statement is true or false
Which of the following functions of money would be least affected if the economy experiences high rates of inflation?
A) unit of account B) store of value C) standard of deferred payment D) medium of exchange
If the actual interest rate is below the equilibrium interest rate, the
a. Fed must intervene in financial markets to restore the interest rate to its equilibrium value b. price of bonds will increase c. price of bonds will decrease d. money supply will increase until the interest rate rises e. money supply will decrease until the interest rate rises