A principle that economists emphasize is that the ____ of decision makers are always limited.
A. ideas
B. goals
C. resources
D. opportunities
E. offices
Answer: C
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Suppose you produce 10 bikes a day for a total cost of $1000. Total costs increase to $1100 when you produce 15 bikes. Finally, total costs increase to $1300 if you make 20 bikes
A graph showing the relationship between total costs and the number of bikes produced would be A) a negatively-sloped line that becomes steeper. B) a positively-sloped line that becomes steeper. C) a negatively-sloped line that becomes flatter. D) a positively-sloped line that becomes flatter.
When the Fed uses contractionary policy,
A) it causes inflation. B) the price level rises higher than it would if the Fed did not pursue policy. C) it does not change the price level. D) the price level rises less than it would if the Fed did not pursue policy.
How does U.S. output per capita compare with other industrial countries?
a. The United States ranks second accounting for 30 percent less output per capita than its predecessor Japan. b. The United States ranks at the top about 32% of the rest, excluding second ranked Canada. c. The United States ranks at the top and produces 10% more output per capita than all other nations. d. The United States ranks first in output and is 75% above the rest of the world.