Which of the following cannot be determined by using a production possibility table?
A. What combination of outputs is best?
B. What combination of outputs can be produced?
C. How much output can be produced from a given level of inputs?
D. How much less of one output must be produced if more of another output is produced?
Answer: A
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Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents. B) improved quality of apartment units. C) fewer apartment units as landlords seek substitute uses of their property. D) an increase in rental price competition among landlords.
Monetarists can be described as a group of macroeconomists who
A) emphasize the importance of the federal government's involvement in the economy to dampen the harmful effects of the business cycle. B) emphasize the importance of the money supply as a determinant of macroeconomic activity. C) tend to view government spending and taxation policy as the chief means of stabilizing the economy. D) feel that money should not be created in the private banking system, but only by government.
In 2003, which of the following currencies was used in Iraq?
a. Swiss dinar b. Saddam (or print) dinar c. American dinar d. Swiss dinar and Sad dam (or print) dinar
In the base year, real GDP ________ nominal GDP.
A. is equal to B. could be greater than or less than C. is less than D. is greater than