Which of the following is an example of market "production," as used by economists?
A) Garvey takes out a low-cost government loan to start his pet-sitting business.
B) Heidi makes a pizza for her family's dinner.
C) Katrina works as a cashier at the local produce stand.
D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
In the long-run, an increase in the budget deficit and an expansionary monetary policy would:
A) increase the price level only. B) increase both the price level and real income. C) increase real income only. D) none of the above.
Equilibrium in the foreign exchange market occurs:
a. at the point where the foreign exchange demand and supply curves intersect. b. at the point where the foreign exchange demand and supply curves reach maximum separation. c. when two nations' economic leaders agree on the appropriate exchange rate. d. when two nations' diplomatic leaders agree on an exchange rate that meets both countries' needs. e. only by chance, if at all, because they change very frequently.
Curly just graduated from State U and has three job offers: teaching at a prestigious private high school nine months a year with summers off, working forty hours a week at a bank in a small city, and working more than sixty hours a week for a high-powered investment firm in New York. Suppose all of the jobs currently offer exactly the same annual salary, and that most people prefer leisure to work, all else equal. In order to attract workers, the ________ would have to offer a ________ salary than the others.
A. high school; lower B. bank; higher C. investment firm; higher D. investment firm; lower