Possibility loss is the loss incurred when a consumer makes a choice between two alternatives
a. True
b. False
Indicate whether the statement is true or false
False
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The short-run Phillips curve is ________, and the long-run Phillips curve is ________
A) downward sloping; downward sloping B) downward sloping; vertical C) vertical; downward sloping D) vertical; upward sloping E) upward sloping; vertical
An index of the weighted exchange value of the U.S. dollar versus the currencies of a broad group of major U.S. trading partners is called:
A) trade-weighted dollar. B) exchange-weighted dollar. C) dollarization. D) bilateral dollar.
An important characteristic of the modern payments system has been the rapidly increasing use of
A) checks and decreasing use of currency. B) electronic fund transfers. C) commodity monies. D) fiat money.
Both the crowding-out effect and new classical model indicate that
a. expansionary fiscal policy is a highly effective weapon with which to fight an economic downturn. b. restrictive fiscal policy is a highly effective weapon with which to control inflation caused by excess demand. c. there are side effects of budget deficits that will substantially, if not entirely, offset their expansionary impact on aggregate demand. d. fiscal policy can be used effectively to restrain inflation but it is largely ineffective as a weapon against recession.