An increase in inflation will cause a reduction in which of the following?
A. the GDP deflator
B. the nominal value of money
C. the real value of money
D. the Producer Price Index
Answer: C
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If a rent ceiling is below the equilibrium rent, some allocation scheme must be used. The allocation methods include all of the following EXCEPT
A) charging the equilibrium rent. B) refusing to rent to individuals on the basis of sex, race, or some other attribute. C) requiring a payment, such as key money, in addition to the rent. D) the creation of a black market. E) increased search activity.
If a middle-eastern war reduced the quantity of crude petroleum available for export to Japan and the United States by 40%, and the U.S. government responded by imposing price ceilings on petroleum,
A) more petroleum would be available for Japanese users. B) the demand for crude petroleum in the U.S. would increase. C) the demand for natural gas in the U.S. would decline. D) the price of petroleum would rise even higher in Japan. E) all of the above would be likely to result.
To say that the natural rate of unemployment changes over time is to say that
a. the short-run Phillips curve shifts over time. b. the long-run Phillips curve shifts over time. c. the aggregate demand curve shifts over time. d. the Federal Reserve influences the natural rate of unemployment over time.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost B. variable cost C. opportunity cost D. total cost