What happened that was unusual during the 1980s?
a. Debt soared due to a war.
b. Debt soared during a time of peace.
c. Debt plummeted due to a recession.
d. Debt plummeted due to tax increases.
b. Debt soared during a time of peace.
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The costs of inflation to households and firms due to holding less money and making more frequent trips to the bank are known as
A) seigniorage. B) menu costs. C) velocity costs. D) shoe-leather costs.
Economists assume people behave
A) instinctively. B) rationally. C) irrationally. D) greedily.
In every economic system, scarcity imposes limitations on
a. households, business firms, governments, and the nation as a whole b. households and business firms, but not the governments c. local and state governments, but not the federal government d. households and governments, but not business firms e. business firms, governments, and the nation as a whole
The most important advantages of bigness will be found in industries that show increasing returns to scale
a. True b. False Indicate whether the statement is true or false