Which of the following resources is not essential in the production of a typical cheese pizza?
A) Dough
B) Sauce
C) Heat
D) Fodder for cows
E) Trick question: all of the above are essential.
E
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According to the above table, at a price of $8 per unit, other things constant
A) consumers will continue to bid prices upward. B) there will be no tendency for the market to approach an equilibrium. C) a surplus of 100 units will exist. D) a shortage of 80 units will exist.
A consequence of adverse selection is:
A. buyers gain surplus they would have lost with complete information. B. sellers gain surplus they would have lost with complete information. C. transactions do not take place that would have been possible if the parties had the same information. D. buyers make irrational decisions because they lack information.
According to the rational expectations school, _____
a. on average people have very little idea of what to expect from government policy makers b. people form expectations by focusing only on the private sector c. changes in the expected price level shift the aggregate demand curve d. people do not consider likely government policies when forming expectations, choosing to remain rationally ignorant e. people form expectations, in part, by considering the probable future actions of government policy makers
In 2010, dissenters were worried that the effects of policies to reduce unemployment would create the conditions for
A. higher long-term inflation. B. a more horizontal Phillips curve. C. higher long-term unemployment. D. larger budget surpluses and, thus, higher interest rates.