Refer to the Economics in Practice on page 360. Sometimes the lack of information in an advertisement serves as a signal.
Answer the following statement true (T) or false (F)
True
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A budget deficit will be least inflationary if the aggregate
a. demand curve is very steep. b. demand curve is very flat. c. supply curve is very flat. d. supply curve is very steep.
If a college student stays home and watches a Netflix movie for $2 rather than going out to a $15 movie, this is an example of the
A) utility effect. B) value effect. C) substitution effect. D) income effect.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.
Related to the Economics in Practice on p. 550: In the simple "Keynesian" view, maximum output is not defined by the
A. current capital stock. B. existing state of technology. C. existing labor force. D. level of consumption.