The division of productive activities among persons and regions so that no one individual or area is totally self-sufficient is known as
A) advantage-taking.
B) comparative value.
C) specialization.
D) outsourcing.
C
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Refer to the above figure. At a price of $10, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
Relative price changes are a desirable and essential ingredient of the market mechanism.
Answer the following statement true (T) or false (F)
According to the real business cycle model
A) increases in aggregate demand do not affect GDP. B) increases in aggregate demand lower the price level. C) increases in aggregate demand raise GDP. D) increases in aggregate demand lower GDP.
If people withdraw $1,000 from the nation's money market mutual funds and redeposit the funds in various checkable and debitable accounts, then
A. M1 and M2 will remain unchanged. B. M1 and M2 will increase. C. M1 will increase, M2 will remain unchanged. D. M1 will increase, M2 will decrease.