The perpetual problem of scarcity forcing people to make choices is the basis for the definition of economics
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose you withdraw $1,000 from your savings account and put it in your checking account. Briefly explain how this will affect M1 and M2
What will be an ideal response?
Which of the following is an example of technological change?
A. Filet Mignon B. Starbucks C. Nike D. Personal Computer
Graphically, the effects of an external benefit can be shown as
A. a rightward shift of the market demand curve. B. a market demand curve that is to the left of the market demand that includes external benefits. C. a downward movement along the market demand curve. D. a leftward shift of the market supply curve.
In the long run in the Keynesian model, a beneficial supply shock would leave the economy with a higher level of output, but also a ________ real interest rate and a ________ price level.
A. higher; lower B. lower; higher C. lower; lower D. higher; higher