Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour. Based on the scenario, Esther's opportunity cost for one hot dog is:
a. 3 hamburgers.
b. 1 1/2 hamburgers
c. 6 hamburgers
d. 4 hamburgers
b. 1 1/2 hamburgers
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Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?
A) check clearing B) conducting economic research C) setting interest rates payable on time deposits D) issuing new currency
The relative concept of poverty means that poverty will never be eliminated
a. True b. False Indicate whether the statement is true or false
The sound economic institutions and policies needed for economic growth and prosperity
a. emerge from the political process, if they emerge at all. b. are unaffected by political decision-making and constitutional rules. c. are virtually guaranteed to emerge, if democracy becomes the form of government in a nation. d. can only emerge from a democracy
In the short run, lowering the federal funds rate shifts the aggregate demand curve ________ so that real GDP ________ and the price level ________
A) leftward; decreases; rises B) rightward; increases; rises C) rightward; decreases; rises D) leftward; decreases; falls E) rightward; increases; falls