Which one of the following is part of the official money supply in the United States?
A. Federal Reserve notes
B. gold bars
C. common stock
D. credit card balances
Answer: A
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What is the Hotelling Principle? Have resource prices behaved as the principle predicts?
What will be an ideal response?
Two friends, one an engineer and the other an accountant, decide to form a partnership. If the accountant takes care of the books and the engineer runs the factory, they are likely to enhance the economy's productivity through:
A) scarcity. B) specialization of labor. C) a shift in the production possibilities curve. D) a movement along the production possibilities curve.
The short-run Phillips curve tells us, in theory, what combinations of:
A. inflation and output are feasible. B. the price level and output are feasible. C. the price level and unemployment are possible when expectations of inflation are constant. D. inflation and unemployment are possible when expectations of inflation are constant.
A large open economy's real interest rate will decrease if
A. the expected future marginal product of domestic capital rises. B. there is a temporary positive domestic supply shock. C. the expected future marginal product of foreign capital rises. D. there is a temporary negative domestic supply shock.