The upward slope of the supply curve reflects the:
A. law of supply.
B. principle of specialization in production.
C. fact that price and quantity supplied are inversely related.
D. law of diminishing marginal utility.
Answer: A
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The time between the policy decision and the subsequent change in policy instruments is called the
A) data lag, the time required to collect and analyze data. B) effectiveness lag, the time required for the change in money supply to affect real output. C) legislative lag, the time required for policymaking body to make decisions. D) transmission lag, the time between the change in policy and the change in policy instruments.
Consumption smoothing is a logical consequence of ________
A) basing decision-making on real rather than nominal interest rates B) the convexity of indifference curves and the ability to borrow and lend C) the negative slope fo the intertemporal budget constraint D) rational expectations
All of the following help define market structure, except one. Which is the exception?
a. number of sellers b. barriers to entry c. barriers to exit d. standardization of product e. how firms are organized (i.e., as proprietorships, partnerships, or corporations)
Under the Bretton Woods system, devaluation was:
a. normal b. routine c. rare d. a last resort