Who is considered to be the most powerful person in the economic world by many observers?
A. Federal Reserve Chair
B. EU Central Bank President
C. Director-General of the WTO
D. World Bank President
Answer: A
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Suppose the growth rate of GDP in the United States is 4.2 percent. If 1.1 percent and 1.4 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is
A) 0.3 percent. B) 1.1 percent. C) 1.4 percent. D) 1.7 percent.
When people cannot be excluded from consuming a good, even if they have not paid for the good, competitive markets would
A) produce more of the good than society needs. B) allocate more resources than the efficient amount to the production of the good. C) produce the good so that people could enjoy a "free ride." D) produce less than the efficient quantity. E) eliminate the deadweight loss.
The growth of total railroad mileage
(a) was far greater after the Civil War than before. (b) was maximized in miles built per decade before 1860. (c) was a free-market phenomenon, not subject to government subsidies. (d) was not subject to business cycle fluctuations.
Pizza at Home is a frozen pizza company that supplies several large grocery store chains. The managers of Pizza at Home are currently negotiating a four year contract with Saucy Pizza, a manufacturer of pizza sauce. Saucy Pizza will supply a specified quantity of canned tomato sauce to Pizza at Home over a four year period; however; Pizza at Home can ends its contract with Saucy Pizza at the end
of the first, second, or third years if Saucy Pizza does not supply quality tomato sauce. What can the manager of Pizza at Home do to avoid the end-game problem? A) Pay Saucy Pizza in full at the end of the third year. B) Offer a bonus to Saucy Pizza if they provide quality tomato sauce in all four years. C) Pay Saucy Pizza in equal installments at the end of each of the four years. D) Pay Saucy Pizza in full at the beginning of the first year.