Productive inputs that are actually or virtually fixed in supply are known as:
A. renewable natural resources.
B. natural capital.
C. nonrenewable natural resources.
D. alternative fuels.
Answer: C
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Suppose the economy is in equilibrium with an output gap equal to zero and the actual inflation rate equals the expected inflation rate
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According to economist Schumpeter, the first step in entrepreneurial growth is:
a. little competition b. monopoly power c. zero economic profits d. creative destruction
The money supply is $12.5 million, currency held by the nonbank public is $2.5 million, and the reserve-deposit ratio is 0.25.(a)What is the quantity of bank deposits?(b)What is the quantity of bank reserves?(c)What is the quantity of the monetary base?(d)What is the money multiplier (give a number)?
What will be an ideal response?
According to this Application, lower oil prices may affect
A) aggregate supply. B) aggregate demand. C) both aggregate demand and aggregate supply D) neither aggregate demand and aggregate supply