In economics, ________ are limited but ________ are unlimited
A) wants; resources
B) resources; wants
C) money; ideas
D) ideas; money
B
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In the figure above, in the short-run macroeconomic equilibrium
A) there is no structural unemployment. B) real GDP is greater than potential GDP. C) real GDP equals potential GDP. D) real GDP is less than potential GDP.
Ceteris Paribus, if current output has fallen below potential ________
A) a positive inflation gap will ensue B) it is likely that the equilibrium real rate has fallen below the policy rate C) a negative unemployment gap will ensue D) it is likely that the equilibrium real rate has risen above the policy rate E) none of the above
Horizontal contracts often result in
a. Higher prices b. Lower prices c. Unchanged prices d. None of the above
The fact that some resource prices are fixed by contracts helps explain why firms _____
Fill in the blank(s) with the appropriate word(s).