A movement from point C to point B in Figure 17.5 illustrates
A. The short-run opportunity cost of achieving long-run economic growth.
B. An increase in the unemployment rate.
C. A decreased capacity to produce.
D. An unattainable combination of consumption and investment goods.
Answer: A
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A) buys; contract B) buys; expand C) sells; expand D) None of the above.
A consumption tax is a tax on
a. goods but not on services. b. the amount of income that people spend. c. the amount of income that people earn. d. the amount of income that people save.
Suppose money supply (M) = $500, real GDP (Y) = $1,000, and nominal GDP = $5,000. Calculate the value of velocity and the price level.
A) V=2;P=1 B) V=4;P=5 C) V=10;P=5 D) V=10;P=1
International protesters have expressed concerns that
A. international trade makes unionizing efforts easier. B. poor nations are over-represented at trade talks. C. international trade decentralizes control of economic issues. D. international finance centralizes control of economic issues in the hands of a relative few.