Related to the Economics in Practice on page 125: A reduction in the salience of prices should ________ consumer responses to price increases.
A. completely eliminate
B. increase
C. not change
D. reduce
Answer: D
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What do you mean by the term 'free market'? a. It refers to the process whereby buyers and sellers interact or trade under government regulation
b. It refers to the process whereby buyers and sellers voluntarily interact or trade without any interference or restrictions. c. It refers to a market where buyers and sellers pay for goods and services in kind and not in cash. d. It refers to a market where assets are traded after they have been sold in the primary market. e. It refers to a market where the demand for the product being traded is not affected by a change in the price of the product.
A typical concave (bowed out from the origin) production possibilities curve implies:
A. that economic resources are unlimited. B. that society must choose among various attainable combinations of goods. C. decreasing opportunity costs. D. that society is using a market system to allocate resources.
How did the original focus of the IMF differ from that of the World Bank?
A. The IMF dealt in North and South America only, and the World Bank dealt with the rest of the world. B. The IMF gave grants to developing countries and the World Bank made loans. C. The IMF assisted wealthy nations and the World Bank assisted developing nations. D. The IMF provided short-term loans and the World Bank provided long-term loans.
How do economists try to disentangle cause and effect?
What will be an ideal response?