If a society's consumption possibilities are identical to its production possibilities that society has
A. a two-person economy.
B. a free trade policy.
C. a closed economy.
D. an open economy.
Answer: C
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The economist who developed the checkerboard model of neighborhood segregation was
A) Milton Friedman. B) Thomas Schelling. C) John Nash. D) David Ricardo.
Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries) of the 1970s on the U.S. economy?
What will be an ideal response?
Economic theory easier to explain or predict government policies when
What will be an ideal response?
Assume that the one-year interest rate is on the vertical axis of the IS-LM model and that the yield curve is initially upward sloping. Suppose that financial market participants expect that the central bank will pursue a monetary contraction in the future. Given this information, we would expect which of the following to occur?
A) The yield curve will become steeper. B) The yield curve will become flatter. C) The yield curve will become horizontal. D) The yield curve will become downward sloping.