Either a dual or hierarchial mandate is acceptable as long as ________ is the primary goal in the ________
A) price stability; short run
B) price stability; long run
C) reducing business-cycle fluctuations; short run
D) reducing business-cycle fluctuations; long run
B
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All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
A. a lower opportunity cost of driving farther to work. B. a higher opportunity cost of taking the day off work. C. the same opportunity cost of spending time on leisure activities. D. a higher opportunity cost of working an additional hour.
Demand-pull inflation is illustrated in the short run aggregate supply-aggregate demand model as a shift of the aggregate ________.
A. demand to the left B. demand to the right C. supply to the left D. supply to the right
As you consume more and more of any good, you experience ________ utility
A) diminishing marginal B) diminishing total C) negative marginal D) increasing marginal
If one adopts a pure free-market approach to depletable resources, then one can expect the price of resources to
A. rise steadily. B. fall steadily. C. fluctuate in a random-walk fashion. D. remain unchanged.