A lower nominal money supply is equally demanded, given each interest rate, at a ________ level of income, meaning that the LM curve has shifted to the ________
A) higher, left
B) higher, right
C) lower, left
D) lower, right
C
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Refer to Table 2-18. Which of the following statements is true?
A) Mickey has a comparative advantage in making both products. B) Minnie has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.
Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent = $100,000/year, inventory = $250,000/year, energy = $50,000/year, and labor (one clerk) = $10,000/year
In addition, Fred's current income as a computer programmer is $40,000 per year. Assuming Fred would earn $460,000 in revenues, he could expect to earn: A) an accounting profit of $10,000 per year. B) an accounting profit of $60,000 per year. C) an economic profit of $10,000 per year. D) an economic profit of $50,000 per year.
A country's newest ruler has decided the country will become self-sufficient and ceases trade with the rest of the world. The likely outcome of this action will be that the country's citizens will be:
A. forced to consume less than before if they possessed a comparative advantage in the production of a good. B. better off than before if they possess an absolute advantage in the production of a good. C. better off than before only if they have the absolute advantage in the production of most goods they consume. D. better off than before only if they have the comparative advantage in allgoods
Money almost always serves as the standard unit for quoting prices. This is another way of saying money serves as a: a. medium of exchange. b. store of value
c. standard of value. d. commodity itself.