As a student of economics, when you speak of scarcity, you are referring to the ability of society to:
A. satisfy economic wants given limited resources.
B. employ all of its resources.
C. consume all that is produced.
D. continually make technological breakthroughs and increase production.
Answer: A
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Within the AD/AS model, an unanticipated increase in short-run aggregate supply will cause real output to
a. increase and the general level of prices to fall. b. decrease and the general level of prices to rise. c. increase and the general level of prices to rise. d. decrease and the general level of prices to fall.
In economics "short run" is defined as
a. as a period of time when at least one of the four factors of production is fixed in supply b. A period of time during which at least one production input is fixed while others are variable.
During the past 100 years, the United States has transformed into primarily
A. A manufacturing economy. B. A service economy. C. A closed economy with little foreign trade. D. An agricultural economy.
If the real rate of return is 3 percent, and the inflation rate is 4 percent, then the nominal interest rate must be:
A. 1 percent. B. ?7 percent. C. ?1 percent. D. 7 percent.