Which of the following words and phrases best captures the notion of equality?
a. minimum waste
b. maximum benefit
c. sameness
d. efficiency
c
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Refer to the figure at right. Medicare subsidies have increased the price of medical services to Upper P Subscript s. Which of the following statements is true about the effect the Medicare subsidy has had on the consumption of medical services?
A. The amount of medical services provided has remained unchanged as a result of the subsidy. B. The amount of medical services provided has increased from Upper Q 0 to Upper Q Subscript Upper M as a result of the subsidy. C. The amount of medical services provided has increased from Upper Q Subscript d to Upper Q Subscript Upper M as a result of the subsidy. D. The amount of medical services provided has decreased from Upper Q 0 to Upper Q Subscript d as a result of the subsidy.
Refer to the table above. Country B has absolute advantage in
A) Good X. B) Good Y. C) Neither X nor Y. D) Both X and Y.
When the value of a currency decreases relative to other currencies, we say that a currency experiences:
A. exchange-rate appreciation. B. exchange-rate depreciation. C. interest-rate appreciation. D. interest-rate depreciation.