Which is one of the five fundamental questions that needs to be answered by economic systems?
a. What is the rate of unemployment?
b. Why are the prices for goods and services so high?
c. Who will be the richest person in the economy?
d. What goods and services will be produced?
d. What goods and services will be produced?
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According to the Aggregate Demand Aggregate Supply diagram, short-term, an anti-inflation policy creates:
A. higher output. B. higher unemployment C. lower inflation. D. higher inflation.
An example of a public good is national defense services
Indicate whether the statement is true or false
According to the theory of purchasing power parity, in the long run
A) the nominal exchange rate should equal the domestic inflation rate. B) the domestic inflation rate should equal the foreign inflation rate. C) the real exchange rate should equal 1. D) the real exchange rate should equal the domestic inflation rate divided by the foreign inflation rate.
An increasing ratio of real GDP to BTU of energy consumption indicates that:
A. Increased energy consumption led to increased energy production B. Increased energy production led to increased energy consumption C. The discovery of energy sources greatly increased energy supply D. Advances in technology greatly increased energy efficiency