The country Happy Land claims that it is producing everything its citizens consume. This situation is called
A. a closed economy.
B. an open economy.
C. autarky.
D. protectionism.
Answer: C
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Universities sometimes hire professors who are poor teachers but have good research skills because
a. research ability is more important in education than teaching ability b. students don't listen to professors anyway c. teaching can be learned; research ability cannot d. research skills are easier to measure than teaching skills e. research skills are difficult to measure
The appreciation of the dollar in the late 1990s shifted the U.S. aggregate supply curve outward
a. True b. False Indicate whether the statement is true or false
If the central bank decreases the money supply, then in the short run prices
a. rise and unemployment falls. b. fall and unemployment rises. c. and unemployment rise. d. and unemployment fall.
Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
A. Diane's wage. B. Sam's time. C. Diane's tips. D. Sam's tips.