Refer to Figure 24-2. Ceteris paribus, a decrease in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
A
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The monetary base is the
A) minimum reserve banks must hold to cover any losses from unpaid loans. B) sum of coins, Federal Reserve notes, and banks' reserves at the Fed. C) sum of gold and foreign exchange held by the Fed. D) sum of government securities and loans to banks held by the Fed. E) sum of coins, required reserves, and banks' loans.
When Thelma got home from work today, she read that her country has just achieved economic efficiency. What does this mean for Thelma and her fellow citizens?
a. There will be a little less of everything available to them. b. The economy will provide the country’s citizens as much as possible. c. They are wasting resources by working too hard. d. They will have everything they want made available to them.
Double-entry bookkeeping implies that:
A. aggregate income net of profits is less than the value of final output because profit can add or take away from final output. B. profits fill the gap between the sum of employee compensation, rents and interest on the one hand and the value of final output on the other hand. C. profits cannot be negative because profit equals the value of final output less costs. D. aggregate income net of profits is greater than the value of final output because profit can add or take away from final output.
Briefly explain why the reported official unemployment rate in Spain in 1994 may have provided an over-estimate of unemployment in Spain
What will be an ideal response?