While the __________ is not important, the _________ can have a big effect on economic behavior.
A. price level; unpredicted change in the price level
B. unpredicted change in the price level; price level
C. price level; predictable change in the price level
D. predictable change in the price level; price level
A. price level; unpredicted change in the price level
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The table above gives data for the nation of Syldavia. The capital and financial account has a
A) balance of $380 billion. B) $40 billion deficit. C) $50 billion deficit. D) $30 billion deficit. E) $40 billion surplus.
An L-shaped isoquant
A) is impossible. B) would indicate that the firm could switch from one output to another costlessly. C) would indicate that the firm could not switch from one output to another. D) would indicate that capital and labor cannot be substituted for each other in production. E) would indicate that capital and labor are perfect substitutes in production.
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
a. The flu shot is cheaper than the cost of treatment when you get the flu. b. The income of doctors increases when you get the flu shot. c. The flu shot reduces the likelihood others will catch the flu. d. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.
A new disease-resistant seed increases the yield of wheat. Which of the following would most likely be the result?
a. The price of wheat would soar. b. The supply of wheat would decline. c. Sellers would decrease the price of bread. d. Buyers would stock up on bread, which is in short supply.