In 2008, the industrial country whose workers work the most hours in a year was _____.
Fill in the blank(s) with the appropriate word(s).
Italy
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
What is one significant characteristic of fractional reserve banking?
A. Bank loans will be equal to the amount of gold on deposit. B. Banks hold a fraction of their loans in reserve. C. Banks can create money through lending their reserves. D. Banks use deposit insurance for loans to customers.
Referring to the previous question, which of the following best describes the adjustment to the new market equilibrium?
A) Price would fall, causing quantity supplied to decrease until the new equilibrium is reached. B) Price would rise, causing quantity supplied to increase until the new equilibrium is reached. C) Price would fall, causing quantity supplied to increase until the new equilibrium is reached. D) Price would rise, causing quantity supplied to decrease until the new equilibrium is reached.
The mutual interdependence that characterizes oligopoly arises because:
A. the products of various firms are homogeneous. B. the products of various firms are differentiated. C. each firm in an oligopoly depends on its own pricing strategy and that of its rivals. D. the demand curves of firms are kinked at the prevailing price.