Linking policy instruments to target variables are the
A) indices of economic welfare.
B) structural economic relations.
C) exogenous nonpolicy variables.
D) irrelevant side effects.
B
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Consider the market for peanut butter. If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter) along with a decrease in the price of peanut brittle (a substitute in production for peanut butter), the
A) equilibrium price of peanut butter definitely rises. B) equilibrium quantity of peanut butter definitely increases. C) equilibrium price of peanut butter might rise or fall. D) equilibrium price of peanut butter definitely falls. E) equilibrium quantity of peanut definitely decreases.
Explain the difference between poverty and scarcity
______________ is the additional output that can be produced by adding one more unit of a particular input while holding all other inputs constant.
Fill in the blank(s) with the appropriate word(s).
The manipulation of a country’s money supply is typically the job of ______.
a. individual businesses b. the country’s banks c. its president or prime minister d. a central bank