In the Keynesian model, which curve is vertical?
A) LRAS
B) SRAS
C) AD
D) NS
A
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Perfect substitutes
A) always have indifference curves with slopes of -1. B) always have indifference curves with slopes of 1. C) have fixed rates of trading off one good for another. D) have horizontal indifference curves.
A growth recession is characterized by
A. An increasing unemployment rate with substantial inflation. B. A negative growth rate with a low inflation rate. C. A positive growth rate below 3 percent annually. D. An increasing unemployment rate with moderate inflation.
One question that arises when determining for whom goods and services should be produced is:
A) Who gets how much of the economic pie? B) How can we import more goods for domestic consumption? C) How can we reduce exports so as to leave more goods for domestic consumption? D) Should society outlaw child labor?
Related to the Economics in Practice on p. 52: Economist Meghan Busse found after examining more than 40 million car transactions that car purchasers are ________ influenced in their choice of cars by temporary weather fluctuations at the time of purchase.
A. slightly B. not at all C. heavily D. always