In the economic way of thinking, government consists of many different people interacting on the basis of
A) fear.
B) legal guarantees.
C) prevailing property rights.
D) public interests.
C
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When production efficiency does NOT occur,
i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency cannot occur. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
The higher the expected rate of inflation,
A) the lower is the nominal rate of interest. B) the higher is the real rate of interest. C) the higher is the nominal rate of interest. D) the higher the real and nominal rates of interest.
A competitive market will
A. create excess demand because wants exceed needs. B. move towards equilibrium because producers set the prices. C. create excess supply because producer want profits. D. move towards equilibrium quantity because both producers and consumers act in their own best interest.
Net unilateral transfers would appear in a nation's
A. capital account. B. official reserve transaction account. C. financial account. D. current account.