An example of a renewable resource would be:
A. oxygen.
B. trees.
C. fish in the ocean.
D. All of these are examples of renewable resources.
Answer: D
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A price index can be constructed by: a. dividing the value of a market basket by the rate of inflation
b. dividing the current-year value of a market basket by the base-year value of the same market basket and multiplying by 100. c. multiplying the value of a market basket by the rate of inflation. d. multiplying the current-year value of a market basket by the base-year value of the same market basket and dividing by 100.
Which of the following is an essential feature of any economic system?
a. absolute advantage b. the profit motive for producers c. a voting procedure for choosing leaders d. prices determine resource allocation e. scarce resources
When a monopolist increases the number of units it sells, there are two effects on revenue. They are the
a. demand effect and the supply effect. b. competition effect and the cost effect. c. competitive effect and the monopoly effect. d. output effect and the price effect.
When the central bank pursues contractionary monetary policy, we that this policy will result in an increase in the interest rate, a reduction in investment, a reduction in demand, and a lower level of equilibrium output. Explain what happens to the position of the IS curve as the central bank pursues contractionary monetary policy
What will be an ideal response?