Which of the following is an economic activity:
A. Following the stock market
B. Reading a bank statement
C. Balancing a checkbook
D. Purchasing a candy bar
D. Purchasing a candy bar
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The FOMC states its overall objectives for interest rates in
A) the Governors' Order. B) the Policy Directive. C) the Federal Reserve Bulletin. D) the Chairman's Order.
If the supply curve of cigarettes shifts to the left, quantity demanded for cigarettes
A) will decrease substantially. B) will increase substantially. C) will slightly increase. D) will slightly decrease.
The amount of a good that must be given up to produce another good is the concept of:
A. scarcity. B. specialization. C. opportunity cost. D. efficiency.