Refer to above Table 2-2. Choosing the prices of year 2 gives a ________ increase in real GDP because year 2 prices place a ________ valuation on quantities that have increased ________ rapidly
A) lower, higher, least
B) higher, lower, most
C) higher, higher, least
D) lower, lower, most
D
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It is ________ difficult to effectively time fiscal policy than monetary policy because ________
A) more; fiscal policy can be quickly decided and changed B) more; fiscal policy takes longer to implement C) less; monetary policy takes longer to implement D) less; monetary policy takes longer to decide and change
Which of the following statements is true
a. in market equilibrium there are unconsummated value-creating transactions b. in market equilibrium there are unconsummated wealth-destroying transactions c. in market equilibrium there are no unconsummated wealth-creating transactions d. none of the above
In the early 1970s, in an attempt to solve the problem of the overvalued U.S. dollar, world leaders
a. increased the price of gold in terms of other currencies b. appreciated the dollar, which made foreign exchange cheaper to U.S. residents c. appreciated the dollar, which made foreign exchange more expensive to U.S. residents d. devalued the dollar, which made foreign exchange cheaper to U.S. residents e. devalued the dollar, which made foreign exchange more expensive to U.S. residents
The supply curve for tickets for a sporting event
A) is perfectly inelastic. B) is vertical. C) has a price elasticity of zero. D) All of the above.