A short-run change in ________ is referred to as a business cycle
A) the currency exchange rate B) the expenditure incurred by the government
C) the aggregate price level D) the growth rate of output
D
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If a nation follows a policy of being self-sufficient, its:
a. production possibilities equal its consumption possibilities. b. consumption possibilities are greater than its production possibilities. c. production possibilities curve shifts rightward. d. consumption possibilities are less than its production possibilities.
The transactionary demand for money is
(a) An active balance. (b) Directly related to interest rates. (c) Negatively related to income. (d) An idle balance
In a simplified circular flow model with no government, in equilibrium, S = I + (X ? IM).
Answer the following statement true (T) or false (F)
Scarcity is
A) a shortage of goods and services. B) poverty and misery. C) a situation in which the resources for producing the goods and services that people desire are sufficient to satisfy people's desires. D) a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants.