In the production of goods and services, trade-offs exist because
A. society has only a limited amount of productive resources.
B. human wants and needs are limited at a particular point in time.
C. we have abundant resources to choose from.
D. not all production is efficient.
Answer: A
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Traveler's check are
A) part of M1 only. B) part of M2 only. C) part of M1 and M2. D) not part of M1 or M2.
If demand for farm crops is inelastic, a good harvest will cause farm revenues to:
A. decrease because of a percentage fall in price greater than the percentage increase in quantity sold. B. increase because of a downward movement along the supply curve, encouraging an increase in demand. C. increase because of the increase in the quantity that farmers can sell. D. remain unchanged because the increase in quantity that can be sold will be matched by an equal decrease in price.
The nominal value of a good is
A. the price of the good in today's dollars, minus an anticipated inflation premium. B. the price of the good in today's dollars. C. the good's value expressed in purchasing power terms. D. the good's anticipated value one year from now.
The major economic issue during the Great Depression of the 1930s that concerned John Maynard Keynes was:
A. Rising interest rates B. Large trade deficits C. Unemployment D. Hyperinflation