Two of the variables used to construct the KOF Swiss Economic Institute's economic globalization index are _______________ as a percentage of GDP, and tariff rates (the ______________ the tariff rate, the _____________ degree of economic globalization)
A) public debt; higher; lower
B) trade; higher; lower
C) trade; higher; higher
D) budget deficits; lower; higher
B
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Why is the long-run aggregate supply curve a vertical line?
A) At that level of real GDP, the production costs are at their lowest level. B) At that level of real GDP, production costs have fully adjusted to price changes. C) At that level of real GDP, the unemployment rate is 0 percent. D) At that level of real GDP, the inflation rate is 0 percent.
A market with only two firms is called a
A) duopoly. B) two-firm monopolistic competition. C) two-firm monopoly. D) cartel. E) two-firm quasi monopoly.
Interest rates are positive mainly because
A) of inflation. B) people tend to prefer the present to the future. C) people tend to prefer the future to the present. D) bankers are greedy.
Opportunity cost can always be measured in money terms
a. True b. False Indicate whether the statement is true or false