Economic growth means:
A. all of a nation's citizens must be better-educated.
B. more production of goods and services.
C. people maintain their standard of living.
D. in general tax revenues are lower.
Answer: B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Suppose that Country A has an absolute advantage over Country B in the production of both wheat and cloth. The opportunity cost of 1 unit of wheat is 2 units of cloth in Country A and 3 units of cloth in Country B. It follows that production of both wheat and cloth will be maximized if
a. Country A specializes in cloth. b. Country A specializes in wheat. c. Country A produces both goods. d. both countries produce both goods.
The difference in the selling and purchase prices of government securities in a typical overnight repurchase agreement is set to reflect
A) the difference in the auction price of the securities and their current market price. B) the overnight cost of funds. C) LIBOR. D) the discount on Treasury bills.
If both demand and supply change, the two equilibrium values would change depending on the relative ______ of the changes in supply and demand.
a. consequences b. magnitude c. timing d. accuracy