In what geographic areas would the traditional economy most likely be found?
a. parts of Asia, Africa, and South America
b. Cuba and North Korea
c. Europe and the United States
d. China and Russia
a. parts of Asia, Africa, and South America
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When a central bank targets inflation, its inflation targets are usually specified as
A) a specific inflation rate target, for example, 1 percent. B) the short-term interest rate minus 2 percent. C) a point on the short-run Phillips curve. D) a range for the inflation rate. E) deviations from the inflation rate.
The law of demand applies to
A) clean streets. B) clean air. C) clean water. D) the maintenance endangered species. E) all of the above.
In order to reduce the possibility of adverse selection, banks should raise the interest rates charged on loans
a. True b. False Indicate whether the statement is true or false
A price ceiling caused the gasoline shortage of 1973 in the United States
a. True b. False Indicate whether the statement is true or false