The term used to emphasize that making choices in the face of scarcity involves a cost is
A) substitution cost.
B) opportunity cost.
C) utility cost.
D) accounting cost.
B
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Examination of data since 1953 indicates that during this period stretching more than half a century, the Phillips curve
A) fails to exist. B) is smoothly upward sloping. C) is smoothly downward sloping. D) slopes smoothly upward at first but then slopes smoothly downward.
If inflation is higher than expected, then lenders receive interest payments whose real values are less than they expected
a. True b. False Indicate whether the statement is true or false
Under conditions of a liquidity trap and interest-insensitive investment, Keynesians would be most likely to propose __________ policy to eliminate a recessionary gap
A) expansionary fiscal B) contractionary fiscal C) expansionary monetary D) contractionary monetary
A drought in the US Corn Belt will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.