Goods and services that we buy from firms in other countries are called our
A) imports.
B) exports.
C) inputs.
D) raw materials.
E) obligations.
A
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Explain how more than one possible state of nature affects contract choices
What will be an ideal response?
When the economy is producing at a quantity greater than its long-run aggregate supply:
A. it is pushing some of its resources to operate beyond capacity. B. the economy is experiencing greater economic growth. C. it causes a bubble to form in one of its major sectors. D. we are experiencing a recession.
A sudden lack of goods:
a. supply shock b. shortage c. excess supply d. disequilibrium e. search costs
For the CPI to provide an accurate measure of the prices paid by urban consumers, it is necessary to
A) Assign equal weights to all the goods and services included in the market basket surveyed so that nothing is over-weighted. B) Have a market basket that is consistent and corresponds to what households actually purchase. C) Have prices stated in dollars so consumers can compare what they spend. D) Change the market basket each month to reflect the changes that consumers make