An example of a common resource is
A. college education.
B. a public parking lot.
C. airline travel.
D. a private beach.
Answer: B
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If you believe that velocity is constant and that the aggregate supply curve is horizontal, then the quantity theory of money would predict that a doubling of the money supply would cause a doubling of the
a. price level and real output. b. price level. c. price level and no change in real output. d. real output.
Producer surplus is the:
A. amount by which the quantity supplied of a good exceeds the quantity demanded of a good. B. value of the sum of producers' willingness to sell a good plus the price of the good. C. measure of how much producers value a good. D. value of the difference between the actual selling price of a good and the price producers are willing to sell it for on the supply curve.
The real rate of interest is
A) equal to the nominal rate of interest less the anticipated rate of inflation. B) equal to the nominal rate of interest plus the anticipated rate of inflation. C) found by taking the nominal rate of interest and dividing it by the actual rate of inflation. D) found by taking the nominal rate of interest and adding the actual rate of inflation.
If the Fed wishes to reduce nominal interest rates, it must engage in an open market ________ of bonds to ________ the money supply.
A. sale; decrease B. purchase; decrease C. sale; increase D. purchase; increase