The term _____ refers to time periods when the buying power of money in terms of goods and services increases
a. stagflation
b. deflation
c. hyperinflation
d. recession
b
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In the short run, which are most important in determining changes in output?
A. Marginal cost and marginal revenue B. Total costs and revenue C. Average cost and average revenue D. Fixed costs
Which of the following is not an example of input growth that is a potential source of economic growth
a. immigration b. growth of the capital stock c. development of new technologies that reduce energy use. d. greater investment in workers' skills e. All of these are examples of input growth
Which of the following is a normative economic statement?
A. The Federal budget deficit rose by 120 billion dollars B. The unemployment rate is expected to fall next month C. A trade surplus of 200 billion dollars should be our policy goal D. The federal funds rate was reduced by half a percentage point
In an experiment that employed the dictator game, economists at Cornell University gave student "allocators" the option of dividing $20 in only two ways (a) $18 for themselves and $2 to another student, or (b) $10 for themselves and $10 to another
student. What was one result from this experiment? A) Most allocators chose to give themselves $18 and $2 to the other students. B) Most of the students who were not allocators did not like having someone else make decisions for them. C) A majority of the female allocators chose option (a); a majority of the male allocators chose option (b). D) Most of the allocators apparently valued acting fairly.