The relationship between the overall price level in the economy and total production by firms is shown in the:
A. aggregate demand curve.
B. aggregate supply curve.
C. inflation rate.
D. business cycle.
B. aggregate supply curve.
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During the antebellum period, the South exported more to England than it imported. This Southern trade surplus with England benefited whom?
(a) The South (b) The North (c) England (d) All of the above
When a law is passed that requires businesses to obtain permission from government officials in order to enter a market, this is an example of
a. price-control legislation. b. a barrier to entry c. antitrust legislation. d. the invisible hand principle.
Under the modern system of fractional reserve banking, banks
A. keep cash reserves equal to only a fraction of their deposit liabilities. B. loan out their excess reserves at interest, which is the key to their profitability. C. are always potentially vulnerable to runs. D. All of these responses are correct.
Which of the following is a disadvantage of the European Monetary Union to member countries?
A. Loss of some national identity B. Greater price transparency C. Greater clout for European consumers D. The expected creation of new reserve currency, the euro