If an economy is characterized by increasing opportunity costs, increasing the production of S by constant amounts results in a constant decrease in the production of T
Indicate whether the statement is true or false
FALSE
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If the nominal wage is $30 in 2011 and the CPI is 202 in 2011, then the real wage in 1982-1984 dollars
A) is $14.85. B) is $30. C) is $1.48. D) is $29.00. E) cannot be calculated without the past year wage rate.
Using a credit card can best be likened to
A) taking out a loan. B) a barter exchange. C) using currency only as a means of payment. D) using any other form of money as a means of payment.
A rise in autonomous planned investment spending causes the equilibrium level of aggregate output to ________ and shifts the ________ curve to the ________, everything else held constant
A) rise; LM; right B) rise; IS; right C) fall; IS; left D) fall; LM; left
When a society cannot produce all the goods and services people wish to have, the economy is experiencing
a. scarcity. b. surpluses. c. inefficiencies. d. inequalities.