Government regulation of working conditions is an example of government as:
A. an owner.
B. an actor.
C. a referee.
D. a dictator.
Answer: C
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As the Federal Reserve ________ bonds, interest rates rise and the price of bonds ________
A) sells; falls B) buys; rises C) sells; rises D) buys; falls
The figure above shows Roger's production possibilities frontier. Point a is an ________ point and at that point production is ________
A) attainable; efficient B) attainable; inefficient C) unattainable; inefficient D) unattainable; efficient
_____ are elements of fiscal policy that automatically change in value as national income changes
a. Statistical discrepancies b. Exchange rates c. Budget deficits d. Automatic stabilizers e. Supply-side shocks
Elasticity of supply becomes ________ elastic over time because ________
a. less; of the growing scarcity of resources b. less; suppliers have more time to acquire additional resources to achieve desired capacity c. more; demand becomes more inelastic d. more; demand will always continue to increase e. more; suppliers have more time to acquire additional resources to achieve desired capacity