Output that provides benefits without the production of a tangible product
What will be an ideal response?
services
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Suppose the U.S. interest rate is 6 percent and the world interest rate is 5 percent. The U.S. interest differential is
A) -1 percent. B) 1.2 percent. C) 1 percent. D) -0.83 percent.
If the price of a good increases from $3 to $4, and the quantity demand remains unchanged, then the demand is
A) perfectly inelastic. B) perfectly elastic. C) somewhat elastic. D) infinite.
If Chris can produce a service using fewer resources than Pat would, then Chris
a. has an absolute advantage in producing that service b. has a comparative advantage in producing that service c. has both an absolute advantage and a comparative advantage in producing that service d. is productively efficient e. cannot have a comparative advantage in producing that service