If the general level of prices is higher than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. a recession
b. output less than the economy's long-run potential
c. a sharp reduction in imports
d. an unemployment rate that is less than the economy's natural rate of unemployment
D
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How is the burden of a tax divided? (i) When the tax is levied on the sellers, the sellers bear a higher proportion of the tax burden. (ii) When the tax is levied on the buyers, the buyers bear a higher proportion of the tax burden. (iii) Regardless of whether the tax is levied on the buyers or the sellers, the buyers and sellers bear an equal proportion of the tax burden. (iv) Regardless of
whether the tax is levied on the buyers or the sellers, the buyers and sellers bear some proportion of the tax burden. a. (i) and (ii) only b. (iv) only c. (i), (ii), and (iii) only d. (i), (ii), and (iv) only
The value of the SDR is currently based on the ________.
A) euro B) U.S. dollar C) weighted average of four currencies D) weighted average of six currencies
Exhibit 6-13 Cost curves
?
In Exhibit 6-13, AFC is shown by the graph labeled:
A. I. B. II. C. III. D. V.
A demand relationship that is a vertical line up from the quantity axis is
A. unit-elastic. B. perfectly inelastic. C. somewhat elastic. D. perfectly elastic.