According to the textbook, The Wonderful Wizard of Oz is alleged to be a story about
A) the California gold strikes of 1849.
B) the end of the gold standard in 1934.
C) the presidential election of 1896.
D) the financial panic of 1907.
C
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The real balances effect occurs because a higher price level will reduce the real value of people's:
a. financial assets. b. wages. c. unpaid debt. d. physical investments.
The marginal revenue product schedule is a
A. demand schedule for a final product. B. demand schedule for a resource. C. supply schedule for a final product. D. supply schedule for a resource.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one computer is ________ pounds of beef.
A. 1/25 B. 1/50 C. 25 D. 50
A recessionary gap develops _____
Fill in the blank(s) with the appropriate word(s).