The best measure of the economic cost of doing your homework is
A. The economic cost plus the accounting cost of doing the homework.
B. The tuition paid for your education plus the cost of any required textbooks.
C. The amount you would have to pay to get someone else to do it.
D. The most valuable opportunity you give up when you do your homework.
Answer: D
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If actual output exceeds potential output, ________ shifts upward over time
A) the short-run AD curve B) the short-run AS curve C) the long-run AD curve D) the long-run AS curve
For consumers, chocolate chip cookies and doughnuts are substitutes. So, an increase in the price of chocolate chip cookies will lead to a rightward shift in the demand curve for doughnuts
Indicate whether the statement is true or false
Risk premiums rise sharply in a financial crisis.
Answer the following statement true (T) or false (F)
One lesson policymakers have learned, and which was evident from Japan's experience in 2002, is:
A. an intervention in the foreign exchange market is almost always effective if done on a regular basis. B. in order for foreign exchange interventions to work, they must be frequent and expected. C. an intervention in the foreign exchange market will not work unless accompanied by a change in the policy interest rate. D. for an intervention in the foreign exchange market to work, the interest rate must be held constant by the central bank.