Ceteris paribus, for a farmer, corn and wheat are
A. Substitutes in production.
B. Unrelated in a farmer's decision.
C. Complements in production; by-products.
D. None of the choices are correct.
Answer: A
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Dell Computers decides to produce PCs and sell them directly over the Internet and via Best Buy. This is an example of
A) incentives. B) a microeconomic decision. C) a macroeconomic decision. D) scarcity.
Which of the following statements is true about the utility possibility frontier (UPF) for two people trying to strike a deal?
a. It limits the moves two individuals can make at different stages of the game. b. It tells us how the point on the UPF that they finally reach might differ with their bargaining tactics. c. It predicts the exact point where the two bargainers will end up irrespective of their bargaining tactics. d. It tells us how the point on the UPF that they finally reach might differ with their personal characteristics
A current account surplus in the U.S. balance of payments coincides with a ______.
a. financial account deficit b. financial account surplus c. balance-of-payments deficit on the current account d. negative net balance for the balance-of-payments account