Research for industrially advanced countries indicates that:
A. the more independent the central bank, the lower the average annual rate of inflation.
B. the more independent the central bank, the higher the average annual rate of inflation.
C. there is no relationship between the degree of independence of a country's central bank A. the more independent the central bank, the lower the average annual rate of inflation.
B. the more independent the central bank, the higher the average annual rate of inflation.
C. there is no relationship between the degree of independence of a country's central bank
A. the more independent the central bank, the lower the average annual rate of inflation.
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If the market for bottled spring water is characterized by a very elastic supply curve and a very inelastic demand curve, an outward shift in the supply curve would be reflected primarily in the form of:
a. higher prices. b. higher output. c. lower prices. d. lower output.
If the market price of the product that employs labor in production increases:
a. the marginal product of labor increases. b. the demand curve for labor shifts to the left. c. the price of labor decreases. d. the marginal revenue product of labor increases. e. the supply curve of labor shifts to the left.
Rapid economic growth, stable prices and __________ are the three important macroeconomic goals about which most economists agree
a. an unemployment rate of zero b. zero inflation c. full employment d. a high exchange rate e. low interest rates
Scarcity implies that
A) people should limit their wants, since shortages exist. B) firms should be more efficient when producing goods. C) people must make choices. D) nonrenewable resources should never be used.