Which of the following is most likely to be a fixed resource for Paul's Country Fresh Pies, Inc?
a. berries
b. flour
c. bakers
d. eggs
e. ovens
E
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The long-run aggregate supply curve of an economy corresponds to
A) a point inside the production possibilities curve. B) a point outside the production possibilities curve. C) a point on the production possibilities curve. D) none of the above: there is no relationship between the long-run aggregate supply curve and the production possibilities curve.
Which of the following would move the economy down and to the right along a short run Phillips Curve? a. Increases in the required reserve ratio by the Fed
b. Increases in taxes by the federal government. c. Increases in the interest rate that the Fed pays on bank reserves. d. All of the above.
Central planning is an ineffective method to organize an economy because
A) central planners do not respond predictably to incentives. B) central planners cannot possibly obtain all the information necessary to allocate resources efficiently. C) most central planners are less intelligent than business entrepreneurs in market economies. D) central planners have inadequate funding to meet the needs of their constituents.
When real GDP is in equilibrium there will be no tendency
A. to save. B. for real GDP to increase or decrease. C. to invest. D. to import.