Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).According to this Application, the dry dust wind known as the harmattan has caused ________ of cocoa pods.
A. a decrease in the supply
B. an increase in the supply
C. an increase in the demand
D. a decrease in the demand
Answer: A
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________ policy focuses on the nation's money supply, while ________ policy focuses on the government's budget.
A. Monetary; structural B. Monetary, fiscal C. Fiscal, monetary D. Fiscal, structural
The Employment Act of 1946 set which of the following goals for the economy?
A. Lowering cyclical and structural unemployment within reasonable but nonspecific bounds. B. Achieving a 4 percent target in seasonal and frictional unemployment. C. A zero unemployment rate. D. A zero inflation rate.
Restaurants catering to both a lunch and dinner trade are likely to mark their prices up above the cost of the food more for dinner than for lunch because
A) the demand is greater at dinner. B) the demand is less at dinner. C) the demand is less elastic at dinner. D) the demand is more elastic at dinner.
Long-run equilibrium in the goods and services market requires that decision makers who agreed to long-term contracts must have
a. incorrectly anticipated the level of prices when they made the agreements. b. correctly anticipated the level of prices when they made the agreements. c. correctly anticipated the natural rate of unemployment when they made the agreements. d. correctly anticipated actual GDP when they made the agreements.