Input-output analysis is rarely used because
A. it requires tremendously complex calculations.
B. it requires large amounts of data.
C. market economies can instead rely on the price mechanism to organize production.
D. All of the responses are correct.
Answer: D
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Consider a production possibility frontier with jeans on the vertical axis and shoes on the horizontal axis. As a country moves along the frontier closer to the vertical axis,
A) the opportunity cost of producing jeans decreases. B) inefficient production occurs. C) the opportunity cost of producing jeans increases. D) there are fewer tradeoffs. E) the opportunity cost of producing shoes increases.
What is a banking panic, and what role did banking panics play in the decision by Congress to establish the Federal Reserve?
What will be an ideal response?
In a model with money neutrality, how much should the money supply be increased to obtain a 1% increase in nominal output?
A) -1% B) between 0 and 1% C) 1% D) It cannot be done.
From the standpoint of economic efficiency, competitive markets provide:
a. less of a public good than would be efficient. b. more of a public good than would be efficient. c. exactly the amount of a public good that is efficient. d. none of these.