A demand-pull inflation can be described as ________ shifts in the AD curve and ________ shifts in the SAS curve.
What will be an ideal response?
rightward
leftward
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) producer surplus equals areas
A. B + C. B. J + H. C. B + C + D. D. B + C + D + E + F.
In order for any given commodity to be considered money, it has to
A) be issued and controlled by some governmental institution. B) have some intrinsic value. C) be generally acceptable as a means of payment. D) be used in barter transactions. E) be convertible into gold or silver.
The decision not to acquire information because the cost of acquiring the information exceeds the expected benefit from the information is known as
A) rational ignorance. B) the principle of minimum differentiation. C) public choice theory. D) inefficient provision.
Questions of what to produce, how much to produce, and who will get the output must be faced by
A. market economies. B. centrally planned economies. C. the economies of underdeveloped countries. D. all economies.