A supermarket running out of bananas is an example of
a. horror
b. a shortage
c. utilization
d. socialism
Ans: b. a shortage
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According to the quantity theory of money, the growth rate of which of the following is zero?
A) money supply B) velocity C) real GDP D) price level
Intellectual property rights provided by patent systems typically ________
A) provide tax incentives to encourage research and development B) allow for the depreciation of capital C) compensate the government for building infrastructure D) last about twenty years
Perfect competition requires a non-standardized product.
Answer the following statement true (T) or false (F)
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline