The Federal Reserve's narrowest definition of the money supply is
A) M0. B) M1. C) M2. D) M3.
B
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Inflation caused by continually decreasing short-run aggregate supply is
A) demand-pull inflation. B) demand-push inflation. C) cost-push inflation. D) cost-pull inflation.
If prices are rising on average, then
A) real GDP will be less than nominal GDP in the years before the base year. B) real GDP will be greater than nominal GDP in the years after the base year. C) real GDP will always be equal to nominal GDP. D) real GDP will be greater than nominal GDP in the years before the base year.
Refer to Table 2-16. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber C) 12 board feet of lumber D) 16 board feet of lumber
Suppose managers of an art auction house are going to auction a painting that is believed to be painted by a famous artist. If the managers of the auction are able to provide evidence that the painting was created by the famous artist, the participants in the auction will have ________ confidence in their own valuation of the painting and will submit ________ bids.
A) less; lower B) less; more C) more; lower D) more; higher