The supply curve displays the wishes of _____________.
Fill in the blank(s) with the appropriate word(s).
sellers/producers
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Hyperinflation
A) occurs in the United States during each business cycle. B) has never occurred in the United States. C) is a period of time when inflation exceeds 20 percent per year. D) happens in all countries at some time during their business cycle. E) occurs only in theory, never in reality.
Refer to Figure 26-6. In the figure above, if the economy is at point A, the appropriate monetary policy by the Federal Reserve would be to
A) raise interest rates. B) raise income taxes. C) lower income taxes. D) lower interest rates.
Ben quit his job as an economics professor to become a golf professional. He gave up his salary ($40,000) and invested his retirement fund of $50,000 (which was earning 10 percent interest) in this venture. After all expenses, his net winnings (profit) were $45,000. Ben’s economic profits were
A. $45,000. B. $5,000. C. $2,000. D. zero.
Joseph decides to join the Big State University's football team when he learns that his health insurance will pay for any subsequent injury. This illustrates
A) a moral hazard problem. B) monopolistic behavior. C) a symmetric information problem. D) oligopolistic behavior.