How does the U.S. economy rank in size?
a. first in economic output
b. second in economic output
c. third in economic output
d. fourth in economic output
e. fifth in economic output
a
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Suppose that there is a negative aggregate supply shock and the central bank commits to an inflation rate target
A) If the commitment is credible, the public's expected inflation will remain unchanged. B) Credible policy produces better outcomes on both inflation and output in the short run. C) Policies that are not credible produce worse economic contraction. D) all of the above. E) both A and C.
An efficient allocation of resources exists if
a. one group of people can get more of the things they want without someone else having to give up anything. b. no one can get more of the things he wants without someone else having to give up something. c. the economy operates at any point under the production possibilities frontier. d. the economy is operating at any point above the production possibilities frontier.
The difference between specific knowledge and general knowledge is that
a. the creation of general knowledge is usually more profitable for the creator. b. specific knowledge is excludable, while general knowledge is not excludable. c. general knowledge is excludable, while specific knowledge is not excludable. d. general knowledge is rival in consumption, while specific knowledge is not rival in consumption.
If consumers won't pay more than $1.50 for a pack of gum and at $1.50 they will buy an almost infinite amount, price elasticity of demand at $1.50 is:
A. elastic. B. inelastic. C. perfectly inelastic. D. perfectly elastic.