In November 2008, the leaders of the ________ met in an emergency meeting in Washington to coordinate their responses in terms of both macroeconomic and financial policies
A) G20
B) G7
C) OECD countries
D) G8
A
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Which of the following contributed to the positive output ratio experienced in the 1960s?
A) decreased government spending B) tax decreases C) favorable oil price shocks D) favorable farm price shocks
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?
A) 500 = 2F + 100S B) F = 250 - 50S C) S = 5 - .02F D) All of the above
For each of the following changes, show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run
a. Consumers expect that the price of the good will be higher in the future. b. The price of a substitute good rises. c. Consumer incomes fall, and the good is normal. d. Consumer incomes fall, and the good is inferior. e. A medical report is published showing that this good is hazardous to your health. f. The price of the good rises.
What are the pros and cons of a competitive market in the long run?
What will be an ideal response?