The most glaring economic problem in the former Soviet Union was
A. a shortage of military goods.
B. a surplus of military goods.
C. a shortage of civilian goods.
D. a surplus of civilian goods.
C. a shortage of civilian goods.
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Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports
If gold becomes acceptable as a medium of exchange, the demand for gold will ________ and the demand for bonds will ________, everything else held constant
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
Ceteris paribus, or "all other things held constant", is an assumption that had which of the following effects on a demand schedule?
a) It takes only prices into account b) It considers the effects of all possible changes on demand c) It is accurate no matter what changes occur d) It is accurate at only one price level
The aggregate supply curve shows the relation between
A. the price level and the aggregate amount of output that firms supply. B. the supply of goods by firms and the price of goods relative to the price of nonmonetary assets. C. the inflation rate and the unemployment rate. D. the real interest rate and the aggregate amount of output that firms supply.