Choose the letter of the curve in Figure 1.2 that best represents a production possibilities curve for two goods for which there are constant opportunity costs:
A. A.
B. B.
C. C.
D. D.
Answer: B
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The effect throughout the entire economy of one firm’s increase in spending will be
A. less than the recipient’s income. B. equal to the recipient’s income. C. greater than the recipient’s spending. D. offset by another individual’s saving.
The three variants of cost-push inflation are (1) _____, (2) _____, and (3) ________.
Fill in the blank(s) with the appropriate word(s).
The joining of the eastern and western sections of nation's first transcontinental railroad was commemorated with the driving of the last spike on May 10, 1869:
a. in Salt Lake City. b. in Washington, D.C. c. at Promontory Point. d. on the rim of the Grand Canyon.
If the money supply is $1,000 . the price level is 3, and real income (or output) is $5,000 . then the velocity of money is _____
a. 0.2 b. 0.6 c. 1.67 d. 5 e. 15