The ________ a good or service is, the ________ its price is likely to be
A) more scarce; higher
B) more scarce; lower
C) more available; higher
D) more available; more unstable
A
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If GDP included the value of leisure time, the value of U.S. GDP would most likely increase
Indicate whether the statement is true or false
Under the adaptive expectations hypothesis, which of the following is the most likely short-run effect of a move to a more expansionary monetary policy?
a. higher prices and no change in real output b. higher prices and expansion in real output c. no change in prices but an expansion in real output d. no change in either prices or real output
Related to the Economics in Practice on page 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on food compared to people in the United States.
A. a slightly lower percentage B. approximately 50 percent less C. about the same percentage D. a significantly higher percentage
The real rate of interest
A) is equal to the nominal rate when Y equals YN. B) is equal to the nominal rate minus the rate of inflation. C) is equal to the nominal rate plus the rate of inflation. D) is never negative.