The price of one product in terms of another commodity is called its
A) relative price.
B) money price.
C) financial price.
D) converse price.
Answer: A
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If an economy is represented by a point inside its production possibilities curve
A) it cannot produce more of one product unless it stops producing the other product entirely. B) it cannot possibly produce more of one product, even if it produces less of another product. C) it can produce more of one product only if it produces less of another product. D) it can produce more of one product even if it does not produce less of another product.
The monetary policy strategy that does NOT allow the policy to focus on domestic considerations is
A) exchange-rate targeting. B) monetary targeting. C) inflation targeting. D) the implicit nominal anchor.
When an employer pays the cost of educating a worker, it is likely that the employer
a. is demonstrating altruistic motives. b. is pursuing some objective other than profit-maximization. c. hopes to recapture its investment in the form of increased labor productivity. d. receives reimbursement from the government for the cost of the education.
As output and employment contracted during the early 1930s, policy makers
A) reduced tariffs but increased tax rates. B) reduced both tariffs and tax rates. C) imposed higher tariffs and reduced tax rates. D) increased both tariffs and tax rates.