Which of the following is true about the combination of televisions and smartphones represented by point F in Figure 1.4?
A. Point F is unattainable even with advances in technology.
B. Point F is inefficient now.
C. Point F can possibly be reached if more economic resources become available or technology improves.
D. Point F will be more easily attainable if the government takes control of all privately run factories.
Answer: C
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If you lend a dollar for a year and at the end of the year the price level has risen by 10 percent
A) the purchasing power of your loan has risen over the year regardless of the interest rate at which you lent it. B) the purchasing power of your loan has remained constant over the year regardless of the interest rate at which you lent it. C) you must have earned a nominal interest rate of 10 percent to maintain the purchasing power of your loan. D) you must have earned a nominal interest rate of 5 percent to maintain the purchasing power of your loan.
A business cycle
a. is ups and downs in the level of economic activity over time b. is irregular and unpredictable c. has existed since recorded history d. all