According the AS/AD model, in the long run, expansionary monetary policy will
a. increase both real GDP and the price level.
b. decrease both real GDP and the price level.
c. decrease the price level and leave real GDP unchanged.
d. increase the price level and leave real GDP unchanged.
e. increase real GDP and reduce the price level.
D
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Fundamentally, economics is concerned with:
a. how scarce resources are allocated to satisfy limited wants. b. how limited resources are allocated to satisfy scarce wants. c. how limited resources are allocated to satisfy unlimited wants. d. how limited wants can be used to satisfy limited resources.
If one person's consumption of a good means that no one else can consume it,
a. that good is called a pure public good b. production of that good creates a negative externality c. consumption of that good creates a positive externality d. the good is said to be excludable e. the good is said to be rival
Imagine winning a radio trivia contest and being given the choice of three packages. Each package has two prizes. One package has a cellular phone and a beeper; one package has a cellular phone and a coupon for unlimited calls for a year; and one
package has a cell phone and a compact disc player. Unfortunately, the labels on the packages only give you the following information: the goods in Package A have a cross elasticity of 0.63, the goods in Package B have a cross elasticity of 0.00 . and the goods in Package C have a cross elasticity of –0.84. a . Which package will you choose if you want the cellular phone and the coupon for unlimited calls? Explain your answer b. Which package will you choose if you want the cellular phone and the beeper? Explain your answer.
Of the people arrested in 2014 in the U.S., ________ got some jail time.
A. 3,600,000 B. 36,000,000 C. 626,644 D. 36,000