A tradeoff is
A) represented by a point inside a PPF.
B) represented by a point outside a PPF.
C) a constraint that requires giving up one thing to get another.
D) a transaction at a price either above or below the equilibrium price.
C
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Money is defined as
a. the currency of a nation. b. anything that is commonly accepted in exchange for other goods and services. c. currency that has been designated as legal tender. d. notes issued by the U.S. Treasury and backed by gold.
Describe the difference between a microeconomic demand curve and an aggregate demand curve
A regional lobster management board recently proposed a five-year moratorium on lobster fishing in the Atlantic waters south of Cape Cod based on a study of the lobster population. Which of the following statements is not correct?
a. Lobsters are rival but not excludable. b. The lobster population is an example of the tragedy of the commons. c. Reducing the quota on the number of lobsters any fisher can catch would have a protective effect on the lobster population. d. If left unregulated, the lobster population will likely increase.
We know how many dollars banks create using the:
A. money multiplier. B. federal funds. C. interest rate. D. demand deposits.