Which of the following could decrease unemployment and inflation simultaneously?
A) a decrease in oil prices B) contractionary monetary policy
C) an increase in the real wage D) expansionary monetary policy
A
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A fiduciary monetary system is
A) fully backed by gold. B) dependent on barter for exchanges of goods and services. C) dependent on the public's faith to accept the currency. D) one which cannot have any inflation.
The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output.
Answer the following statement true (T) or false (F)
In 1860, earnings from cotton exports
(a) were minimal. (b) accounted for a small percentage of Gross Domestic Product. (c) exceeded the total revenue of the U.S. government by four-fold. (d) were what attracted the majority of agriculturalists into cotton production.
A voluntary production reduction program:
A. offers firms incentives to reduce their production voluntarily. B. forces firms to reduce their production. C. offers firms incentives to increase their production voluntarily. D. forces firms to increase their production.