In which of the following decades was there both high inflation and rapid money supply growth in the US?
a. the 1970's and the 1990's
b. the 1970's but not the 1990's
c. the 1990's but not the 1970's
d. neither the 1970's nor the 1990's
b
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Suppose that today, consumers expect the price of a gallon of gasoline to double in the future. Then today the gasoline
A) demand curve will shift to the right. B) demand curve will shift to the left. C) supply curve will shift to the right. D) supply curve will shift to the left.
To improve your own bargaining position
a. decrease the value of your outside options b. increase the value of your outside options c. do not alter the value of your outside options d. increase the value of your opponent's outside options
One of the important conditions needed for economic growth is
a. rule of law. b. strong government. c. high average income. d. large government safety net.
Lashondra is the owner/operator of an interior design firm. Last year she earned $400,000 in total revenue. Her explicit costs were $200,000 (assume that this amount represents the total opportunity cost of these resources). During the year she received offers to work for other design firms. One offer would have paid her $120,000 per year and the other would have paid her $130,000 per year. Lashondra's economic profit is equal to
A. $70,000. B. $200,000. C. $0. D. -$50,000.