Transferring entries from a journal to the ledger is called ___
Fill in the blank(s) with correct word
Answer: posting
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If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know that
A) the United States has no comparative advantage B) Germany has a comparative advantage in butter. C) the U.S. has a comparative advantage in butter. D) Germany has comparative advantages in both products. E) the U.S. has a comparative disadvantage in widgets.
Which of the following best defines an optimum currency area?
A) a group of nations sharing the same currency B) a group of regions in close proximity to each other. C) a group of regions who operate under similar economic policies. D) a group of regions with economies closely linked by factor mobility and by trade in goods and services E) a group of nations that engage in free trade with each other
Other things constant, an increase in resource prices will:
a. increase aggregate demand. b. decrease aggregate demand. c. decrease aggregate supply. d. increase aggregate supply.
In both the 1970s and the 1990s, extreme economic events caused unemployment to move in the same direction as inflation
a. True b. False Indicate whether the statement is true or false