Sellers respond to a surplus by cutting their prices
a. True
b. False
Indicate whether the statement is true or false
True
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According to the Taylor rule, the Federal Reserve raises the real interest rate as the output gap ________ or the inflation rate ________.
A. increases; decreases B. decreases; increases C. decreases; decreases D. increases; increases
Liz has a comparative advantage in ________ and an absolute advantage in ________
A) smoothies only; both goods B) salads only; salads only C) both goods; both goods D) salads only; both goods E) smoothies only; smoothies only
Carmelita can perform either a combination of 35 manicures and 70 pedicures or a combination of 50 manicures and 45 pedicures. If she now performs 35 manicures and 70 pedicures, what is the opportunity cost of performing an additional 15 manicures?
A) 5 pedicures B) 20 pedicures C) 25 pedicures D) 45 pedicures
The proliferation of the horse in the 17th century caused Great Plains Indians to:
a. increase their reliance on agricultural work. b. engage in less tribal warfare. c. use smaller and more independent hunting groups. d. kill fewer bison, but make more intensive use of the meat on the carcass.