What would happen if the Fed tried to keep employment above the full-employment level?
a. The long-run aggregate supply curve would shift to the right.
b. The aggregate supply curve would shift downward.
c. Unemployment would increase.
d. The price level would increase.
e. The aggregate demand curve would shift to the left.
D
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If a country's currency appreciates, the country will experience a ________ in exports and a ________ in imports
A) rise; rise B) fall; fall C) rise; fall D) fall; rise
If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 10 hats or 5 scarves in a month, then
A) Bonnie is equally efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing hats, compared to Phil. C) Bonnie is more efficient at producing scarves, compared to Phil. D) Phil is more efficient at producing scarves, compared to Bonnie.
Which of the following are complementary resources?
a. margarine and butter used in baking b. sugar and honey used in cereals c. a teacher and a chalkboard d. rye and wheat bread used in a sandwich shop e. a typewriter and a personal computer used in an office
The incentive for managers of a government-operated firm (for example, a state university or the U.S. Post Office) to operate efficiently will be
a. low because all government workers are lazy. b. low because there are no residual claimants to monitor and institute cost-reducing measures. c. high because government employees and officials will be less concerned with personal gain. d. high because voters can easily detect those who are to blame for inefficiencies and replace them.