The Organization of Petroleum Exporting Countries is a
a. professional trade association for oil companies.
b. cartel.
c. consortium for joint ventures in oil exploration.
d. loose collection of democracies that promote international pipelines.
b
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A major function of incentive payments, guarantees, and signals is to enable markets to overcome the problem of
A) irrational forecasting. B) efficient forecasting. C) private information. D) public information.
The spending multiplier equals 1/marginal propensity to save if an economy:
a. has a trade surplus. b. is open to international trade. c. does not trade with any other country. d. has a higher level of saving than consumption. e. reduces its investment expenditures to zero.
If the federal government wishes to move the economy out of a recessionary gap, the appropriate fiscal policy is a(n)
a. increase in taxes. b. decrease in government purchases. c. decrease in transfer payments. d. None of the above are correct.
Stagflation describes a situation in the economy where the economy is
A. stagnant and prices are falling. B. growing and prices are falling. C. stagnant and prices are stable. D. stagnant and prices are rising.