Inflation that occurs when total spending is greater than the economy's ability to produce output at the existing price level is:
A. demand-pull inflation.
B. cost-push inflation.
C. unanticipated inflation.
D. anticipated inflation.
Answer: A
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The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________
A) Council of Economic Advisors; four members of the U.S. Banking Committee B) Council of Economic Advisors; four presidents from the 11 Federal Reserve banks C) Federal Reserve's Board of Governors; four presidents from the other 11 Federal Reserve banks D) Federal Reserve's Board of Governors; four members of the Council of Economic Advisors
Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.
The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply of seats is fixed. If the university prices classes at the price required to achieve equilibrium at 10 a.m., there will be
A) a shortage at 8 a.m. B) a surplus at 8 a.m. C) equilibrium at 8 a.m. D) disequilibrium at 8 a.m., but we cannot determine which type.
All of the following are income in kind EXCEPT
A) income received from family members. B) services produced in the home. C) government provided food stamps. D) government provided medical aid.