An economy that trades freely with the rest of the world is called a(n) ________ economy
A) command B) communist C) closed D) open
D
You might also like to view...
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Use the following graph to answer the next question.
Which line represents the long-run aggregate supply curve?
A. 1 B. 2 C. 3 D. 4
An oral auction
a. is also called an English auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
Wages tend to be "sticky" because:
A. contracts are often negotiated for long terms and cannot be easily changed. B. workers are less likely to work as hard if their pay may be cut due to market performance and not their performance. C. constantly changing wages creates uncertainty and costs the employer a lot of time and energy to change wage rates. D. All of these are possible reasons why wages might be sticky.