The two words most often used by economists are
a. prices and quantities.
b. resources and allocation.
c. supply and demand.
d. efficiency and equity.
c
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Native-born workers may not be harmed by immigration if:
A. They are complementary resources to immigrant workers B. They are substitute resources to immigrant workers C. Demand for their labor is elastic D. Immigrants remit their earnings to their home countries
If the money supply is $20 trillion and velocity is 2, then nominal GDP is
A) $2 trillion. B) $10 trillion. C) $20 trillion. D) $40 trillion.
Which of the following can be thought of as a barrier to entry?
A) scale economies. B) patents. C) strategic actions by incumbent firms. D) all of the above
The International Monetary Fund (IMF) was created as a part of the
A. gold standard. B. managed floating system. C. Bretton Woods agreement. D. free-float arrangement.