The consumption bundle that is available, if there are no exchanges with the market, is known as the
A. federal system.
B. endowment point.
C. Ramsey rule.
D. gross replacement rate.
B. endowment point.
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If the quantity supplied of money is less than the quantity demanded of money, people will ________ bonds which will cause bond prices to ________ and the nominal interest rate to ________ until the quantity demanded and quantity supplied of money are equal.
A. sell; rise; fall B. buy; fall; rise C. sell; fall; rise D. sell; fall; fall
The main reason that many businesses fail when the price level is falling is that ________
A) deflation causes a decline in short-run aggregate supply B) as prices fall, businesses are unable to predict the quantity of output they will be able to sell C) the real value of the firms assets declines in proportion to the decrease in the price level D) falling prices mean that regular loan payments become increasingly difficult
Output per capita will tend to increase if the labor force participation rate in a country ____ or if workers put in ____ hours. a. rises; longer
b. rises, shorter. c. falls; longer. d. falls; shorter
Which of the following best defines the specialization of resources?
a. Workers are compensated as individuals. b. Special resources are needed to produce most goods. c. Each resource is paid for in full. d. Each resource is paid the most if it is specialized. e. Each resource is focused on a limited number of productive activities.