Ways to ration goods include
A) first-come, first-served.
B) political power.
C) prices.
D) all of the above.
Answer: D
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The time that elapses between the implementation of a policy and its intended result is referred to as
A) the action time lag. B) the recognition time lag. C) the effect time lag. D) the data lag.
Assume a fixed demand for money curve and the Fed decreases the money supply. In response, people will:
a. sell bonds, thus driving up the interest rate. b. sell bonds, thus driving down the interest rate. c. buy bonds, thus driving up the interest rate. d. buy bonds, thus driving down the interest rate.
A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP over time d. population
The first step in economic analysis is to
a. explore how the equilibrium changes if the constraints change. b. make explicit assumptions about the desirability and the cost of various alternatives. c. apply the equimarginal principle to the problem being considered. d. determine how agents' constraints are interrelated.