Related to the Economics in Practice on p. 647: Surveys by the bank of England suggest that two important factors in influencing consumer perceptions of inflation are ________ and ________.
A. the value of the British pound; the value of the euro
B. gas prices; media attention to price increases
C. interest rates; the unemployment rate
D. food prices; the stock of money
Answer: B
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. The total product schedule shows
A) increasing marginal returns when the 6th worker is hired. B) decreasing marginal returns when the 1st worker is hired. C) first increasing and then decreasing marginal returns. D) output first increases then increases. E) only decreasing marginal returns.
If the multiplier is 4, a decrease in spending equal to $80 billion will be accompanied by a decrease in GDP of
a. $480 billion. b. $320 billion. c. $240 billion. d. $84 billion. e. $48 billion.
If the demand curve is downward sloping and linear (a straight line), a tariff imposed on a foreign monopoly seller will raise the domestic price by _______________ and lower the seller's net by _______________ of the tariff.
a. one-fourth; three-fourths b. 10%; 90% c. one-half; one-half d. 100%; 0%
The primary cause of the reduction in the nominal money supply during the early years of the Great Depression was
A) the Fed's sale of bonds. B) the Fed's purchase of bonds. C) a reduction in the money multiplier. D) none of the above