Which of the following is associated with Ferdinand Magellan?
a. Rounding the Cape of Good Hope
b. Sailing from Europe to India and back
c. Sailing around the world
d. Reaching South America
e. Exploring the interior landmass of Canada
c. Sailing around the world
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In an economy open to international trade ________
A) saving equals investment in equilibrium B) saving is the difference between net exports and investment C) saving equals investment as long as the economy has no exports D) saving equals investment as long as NX=0 E) none of the above
To arrive at a logical determination of a firm’s optimum output, economists assume that the firm seeks to
a. maximize output. b. minimize cost. c. maximize profit or minimize loss. d. maximize price.
Internet auctions
a. allow specialized sellers to reach many customers at low cost b. allow specialized buyers to reach many sellers at low cost c. always take the form of a Dutch auction d. always take the form of an English open outcry auction e. are rapidly being replaced by continuous open outcry auctions
A government spending and taxation policy to create full employment without inflation is known as
a. closing an inflationary gap b. fiscal policy c. closing a recessionary gap d. a balanced budget e. a balanced budget multiplier