Caterpillar industrial tractors. Production of this good is likely to fluctuate _________ fluctuations of real GDP during the business cycle.
Fill in the blank(s) with the appropriate word(s).
Answer: more than
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If the central bank can act as a lender of last resort during a banking panic, banks can
A) call in their loans to their customers and eventually restore the public's faith in the banking system. B) satisfy customer withdrawal needs and eventually restore the public's faith in the banking system. C) borrow more and more money from the central bank, and this will lower its reserves and decrease the public's faith in the banking system. D) encourage the public to borrow directly from the central bank, and this will worsen the banking panic.
Explain how price can be a regulator, that is, how it can coordinate the plans of buyers and sellers
What will be an ideal response?
In general, the larger the price elasticity:
a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.
In the______________, workers cannot work efficiently because there are too many resources per worker.
Fill in the blank(s) with the appropriate word(s).