Describe the effect of the loss of biodiversity on productivity and health
What will be an ideal response?
Reduced adaptability of ecosystem; loss of new drugs.
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Stagflation occurs when inflation ________ and GDP ________
A) rises; falls B) falls; rises C) falls; falls D) rises; rises
While much of New Classical macroeconomics is being refuted by the evidence, at least one part of it may be a permanent legacy to all macroeconomists: the assumption of
A) continuous clearing of all markets. B) rational expectations. C) the unimportance of nominal variables. D) supply shocks as the main cause of business cycles.
Many economists oppose a constitutional amendment that would require a balanced budget for the federal government because it would probably make the business cycle more volatile
a. True b. False Indicate whether the statement is true or false
The price of a gallon of gasoline at the pump increased by 5 percent at the same time that the inflation rate was also 5 percent. The nominal price of gasoline ________, and the real price of gasoline ________.
A. did not change; increased B. increased; did not change C. did not change; did not change D. increased; decreased