An increase in real GDP will shift the money demand curve to the ________, causing the nominal interest rate to ________
A) right; increase
B) right; decrease
C) left; increase
D) left; decrease
A
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In the above figure, the efficient amount of output is ________ units
A) 25 B) 50 C) 75 D) 100
A country has an absolute advantage in the production of a good if that country
a. can produce the good using fewer resources than another country would require b. has the lowest opportunity cost of producing the good and can produce it with the fewest resources c. has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources d. has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources e. has the greatest opportunity cost of producing the good and produces it with the fewest resources
As concentration in an industry increases, the value of the Herfindahl index falls
a. True b. False
If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.