What is Spain's domestic exchange equation?
1 car = 8 TVs
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Equilibrium in the labor market
A) cannot occur if the production function is shifting upward. B) can happen only when actual GDP exceeds potential GDP. C) means that resources are allocated inefficiently D) occurs when actual GDP is equal to potential GDP
How do adverse selection and moral hazard affect the market for insurance?
What will be an ideal response?
In the Keynesian model in the long run, an increase in the money supply will cause
A) an increase in output and a decrease in the real interest rate. B) a decrease in the real interest rate but no change in output. C) an increase in the real interest rate and an increase in output. D) no change in either the real interest rate or output.
Household production is more likely to occur when
a. it requires few specialized resources b. technology makes it more costly than market production c. tax avoidance is undesirable d. less control over the final product is desirable e. the opportunity cost of household production is high