As an example of hyperinflation, one U.S. dollar was equal to _________ German marks in 1923, compared to 8.9 marks in 1919.
A. 1 trillion
B. 1,000
C. 0.001
D. 1
Answer: A
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Keynesian theory emphasizes
A) aggregate supply. B) rational expectations. C) short-run analysis. D) Say's Law.
The production possibilities curve illustrates the basic principle that
a. an economy's capacity to produce increases in proportion to its population. b. if all resources of an economy are in use, more of one good can be produced only if less of another is produced. c. an economy will automatically seek that output at which all of its resources are employed. d. no opportunity cost exists in production.
If the Fed wanted to institute a more expansionary monetary policy, which of the following would it be most likely to do?
a. reduce taxes b. increase government expenditures c. buy government bonds from the public d. raise the discount rate
If the opportunity cost of producing one basketball in Romania is 3 Barbie dolls, while the opportunity cost of producing one basketball in Nigeria is 2 Barbie dolls, _______ has the comparative advantage in the production of basketballs.
A. Romania B. Nigeria C. both Romania and Nigeria D. neither Romania nor Nigeria