When a worker has a rare skill or talent, supply in that labor market:
A. depends on the output produced.
B. is low.
C. depends on the other factors of production.
D. is high.
Answer: B
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A decrease in real GDP causes
A) movement downward along a money demand schedule. B) movement upward along a money demand schedule. C) a rightward shift of the money demand schedule. D) a leftward shift of the money demand schedule.
The budget constraint 12,000 = 2X + 4Y has a slope equal to –2 where Y is on the vertical axis
Indicate whether the statement is true or false
Exhibit 19-1 Balance sheet of First Iliad State Bank Assets Liabilities Required reserves$ 1,000,000 Demand deposits$10,000,000 Excess reserves0 Loans$ In Exhibit 19-1, if the required reserve ratio is raised to 15 percent, First Iliad State will have to convert loans worth:
A. $9,000,000 to required reserves. B. $1,500,000 to required reserves. C. $500,000 to required reserves. D. $1,000,000 to required reserves.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.