Refer to Figure 2-8. What is the opportunity cost of one dozen roses?
A) 0.4 dozen orchids B) 2.5 dozen orchids C) 7.25 dozen orchids D) 16 dozen orchids
A
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A depression is a particularly severe and protracted recession
Indicate whether the statement is true or false
According to the liquidity preference theory, the demand for money is ________ related to aggregate output and ________ related to interest rates
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
Which of the following was a lesson from the 2007–2009 financial crisis?
A. The financial system needed more leverage in order to operate. B. The job of stabilizing the economy should be assigned exclusively to monetary policy. C. Monetary policy is finished once the Fed reduces the federal funds rate to zero. D. The business cycle still exists.
A balance of payments deficit occurs when:
A. exports exceed imports. B. the supply of a nation's currency exceeds the demand for the currency at the current exchange rate. C. the demand for a nation's currency exceeds the supply of the currency at the current exchange rate. D. the supply of a nation's currency is equal to the demand for the currency at the current exchange rate.