Variability in prices for grains tends to be _____ (less than, greater than) variability in price for beef and hogs.
a. Less than
b. Greater than
b. Greater than
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One way to overcome the problem of the commons is to
A) assign property rights so that someone owns the resource. B) take away property rights so that no one owns the resource. C) leave the market alone because the market will reach an equilibrium in which the efficient amount of the resource is used. D) None of the above answers is correct.
An adverse supply shock would cause the FE line to
A) shift to the right. B) shift to the left. C) remain unchanged. D) remain unchanged if the shock is temporary; shift to the right if the shock is permanent.
When the Federal Reserve ________
A) drains liquidity, the federal funds rate falls B) drains liquidity, real interest rates fall C) provides more liquidity, the federal funds rate falls D) all of the above E) none of the above
If prices (as measured by the CPI) fell by one-half and nominal wages fell by one-third, what would happen to real wages?
a. They would fall by one-third b. They would remain unchanged c. They would decrease d. They would increase e. They would fall by one-half