Which of the following is not considered an economic resource?
A. Cash
B. These are all examples of a resource.
C. Real estate
D. A personal relationship
Answer: B
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Distinguish between fixed and flexible exchange rate systems
What will be an ideal response?
One reason that the Phillips curve “broke down” is that it
A. is unable to explain short-run movements in inflation and unemployment, but does a better job of explaining long-run movements. B. assumes a quick-acting self-correcting mechanism, and the economy has a very slow self-correcting mechanism. C. is a statistical relationship, and some of the points are not sustainable in the long run. D. cannot explain demand-side inflation, and it collapsed when demand-side inflation was predominant in the 1970s.
Refer to the accompanying figure. The total utility of consuming two pizzas a week is:
A. 25 B. 75 C. 30 D. 55
If the menu cost theory is true, then firms that change prices less frequently than other firms are likely to be in
A) more competitive industries. B) service, rather than manufacturing, industries. C) growing, rather than declining, industries. D) less competitive industries.