When aggregate economic activity is increasing, the economy is said to be in
A) an expansion.
B) a contraction.
C) a peak.
D) a turning point.
A
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Government assistance to farmers, which seeks to maintain a target price by buying surplus output, results in
A) higher prices and less food for consumers. B) higher prices and more food for consumers. C) lower prices and less food for consumers. D) lower prices and more food for consumers.
If bananas were used as money, which of the following functions of money would be the hardest for bananas to satisfy?
A) unit of account B) store of value C) divisibility D) medium of exchange
Different public goods can have different sized sharing groups, so efficiency would dictate _____
a. that only one national government is necessary b. that public goods be provided by the federal government and the states deal with externalities c. one world government for most pure public goods d. different public goods supplied at different levels of government
The short-run Phillips curve is upward sloping
a. True b. False Indicate whether the statement is true or false