Which two of the Ten Principles of Economics imply that the Fed can profoundly affect the economy?
1 . Prices rise when the government prints too much money.
2 . There is a short-run tradeoff between inflation and unemployment.
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The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative
a. demand curve for macaroni b. income elasticity for macaroni c. Engel's law d. income e. price elasticity of demand for macaroni
Utility theory assumes that marginal utility:
a. increases as an individual consumes more of a product. b. decreases as an individual consumes more of a product. c. is zero as long as the individual derives utility from the product. d. is constant as long as the individual derives utility from the product. e. is constant as long as the individual derives satisfaction from the product.
Since 1933, bank failures have occurred
a. frequently b. very rarely c. once every 3 years d. every year e. once every 5 years
Economic profit is the difference between
A. accounting profit and explicit costs. B. total revenue and the opportunity cost of all of the resources used in production. C. total revenue and the implicit costs of using owner-supplied resources. D. accounting profit and the opportunity cost of the market-supplied resources used by the firm.