Between 1921 and 1929, general prices as measured by wholesale or consumer prices
(a) were stable overall.
(b) fell dramatically.
(c) increased moderately.
(d) increased significantly.
(a)
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The table above shows the production possibilities for an economy
Drawing a PPF with books on the vertical axis and bread on the horizontal axis, a movement from possibility B to possibility C to possibility D shows the opportunity cost of ________ moving down along the PPF. A) books decreasing B) bread decreasing C) bread increases D) books is constant E) books and bread are both increasing
A large and diverse community has suffered a two-month drought
In attempting to deal with the crisis, four identifiable groups emerge: one decides to pray, a second decides to engage in a rain dance, a third decides to use modern meteorological principles and "seed" the clouds, and a fourth decides to do nothing. From the standpoint of economic theory, A) individuals in the first and second groups are acting irrationally and inefficiently. B) individuals in each group are acting efficiently, given their own values and understanding of ends and means. C) the third group is the smartest. D) the fourth group is the most selfish.
Fiat money is
a. money with intrinsic value like gold coins. b. anything that serves as a means of payment by government declaration. c. any currency made of paper. d. a tangible asset like a house. e. money that is backed by gold.
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In Exhibit 3-16, if the market price of chairs is initially $15, a movement toward equilibrium would require:
A. ?no change, because an equilibrium already exists. B. ?the price to fall below $15 and both the quantity supplied and the quantity demanded to fall. C. ?the price to remain the same, but the supply curve to shift to the left. D. ?the price to fall below $15, the quantity supplied to fall, and the quantity demanded to rise.?