Periods of low or negative inflation are generally ________ to farmers, who are ________ as a group
A) advantageous, creditors
B) advantageous, debtors
C) harmful, creditors
D) harmful, debtors
D
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If a nation is currently operating at a point inside its production possibilities curve, it
A. can increase the output of one good without decreasing the output of the other good. B. has fully employed resources. C. has no inefficiently employed resources. D. is operating at full potential.
The original Keynesian economic theory states that
A) the short-run aggregate supply (SRAS) curve is always vertical. B) many prices would not decline even when aggregate demand decreases. C) wages tend to fall more quickly than the overall price level. D) the economy naturally self-regulates so as to reach full employment quickly.
Which of the following is a characteristic of "public goods"?
What will be an ideal response?
The marginal rate of substitution is the
A) rate at which the consumer can exchange one good for the other.
B) change in the quantity of one good that just offsets a one-unit change in the consumption of another good such that the total satisfaction remains constant.
C) change in the quantity of one good that changes the utility received by one unit.
D) same thing as the marginal utility of a good.