Which of the following best describes the goal of economic efficiency?
(A) Making the most of resources.
(B) Achieving full employment.
(C) Assurance that goods and services will be available.
(D) Fair distribution of wealth.
Ans: (A) Making the most of resources.
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Along the short-run supply curve (SRAS), a decrease in the aggregate demand curve will decrease: a. both the price level and real GDP
b. real GDP without raising the price level. c. the price level without affecting real GDP. d. the price level but reduce real GDP.
Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
Virtual currency unit 2 (VCU2) is different from VCU1 because:
a. VCU1 cannot be spent in the real world; VCUs can be spent in the real world. b. In terms of convertibility, there is no difference; both VCU2 and VCU3 can be purchased with and sold for legal tender. c. VCU2 can directly affect real world demand, whereas VCU1 cannot affect real-world demand. d. In terms of their potential to change a nation's M2 money supply, there is no difference because neither VCU1 nor VCU2 affect M
If there is a shift of international trade away from a country's products, we can expect that the FE and IS curves will shift to the ________, the overall payments balance will move toward ________, and the domestic currency will
A. right; surplus; appreciate. B. right; deficit; appreciate. C. left; deficit; depreciate. D. left; surplus; depreciate.