People's skepticism about central bankers' announcements of their intentions stems from the fact that policymakers may act in a fashion that is time inconsistent
a. True
b. False
Indicate whether the statement is true or false
True
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As you eat a hamburger, there is less and less of it available for someone else to eat. This is the characteristic of nonexclusivity
Indicate whether the statement is true or false
When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all
a. rely upon the government to provide us with the basic necessities of life. b. rely upon one another for the goods and services we consume. c. have similar tastes and abilities. d. are concerned about one another's well-being.
When production costs rise,
a. the short-run aggregate supply curve shifts to the right. b. the short-run aggregate supply curve shifts to the left. c. the aggregate demand curve shifts to the right. d. the aggregate demand curve shifts to the left.
Refer to the figure at right. Profits will equal zero
A. when the price equals $1
B. at prices between $1 and $2
C. when the price equals $2
D. when the price equals $4