Whenever technology advances, an economy can produce more output with
A. Current resources.
B. No resources.
C. Fewer resources.
D. More resources.
Answer: A
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When the nominal dollar interest rate ________, money demand will ________, and the general price level will ________
A) increases; decrease; increase B) increases; increase; increase C) increases; decrease; decrease D) increases; increase; decrease E) decreases; increase; increase
Which of the following best describes a production function?
a. The relationship between the quantity of labor employed and total cost. b. The relationship between consumer preferences and market demand. c. The relationship between price and quantity supplied by sellers in a market. d. The relationship between the amount of resources employed and the total output produced by a firm.
Government policies intended to decrease planned spending and output are called ________ policies.
A. fiscal B. monetary C. contractionary D. aggregate
Your neighbor has just planted some fragrant flowers. The wonderful scent drifts into your room and makes you happy.
A. This scent is an internal cost to you. B. This is an externality since you get a benefit from your neighbor's flowers. C. This cannot be an externality since you are enjoying the scent. D. The social cost of this activity is entirely borne by you neighbor.