Fungibility is the property of an entity whose individual units:
A. are interchangeable.
B. are less valuable when used together.
C. are nearly impossible to identify.
D. each serve a unique purpose.
Answer: A
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Classical growth theory asserts that
A) growth in real GDP per person is temporary. B) only some countries can have economic growth. C) real GDP growth will eventually be a constant 3 percent per year. D) nominal GDP growth is most important.
Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will Question 7 options:
A. stay the same. B. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does. C. definitely either stay the same or decrease. D.decrease. E. increase.
Increasing government spending is a contractionary Keynesian economic policy.
Answer the following statement true (T) or false (F)