If the September 11th terrorist attacks had not occurred, it is unlikely that the war in Iraq would have
A. been so protracted.
B. uncovered so many weapons of mass destruction.
C. divided Congress as it did.
D. occurred at all.
Answer: D
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Explain the issues involved with the Fed acting as a lender of Last Resort (LLR)
What will be an ideal response?
Demand-pull inflation has its most extreme effect on a nation's price level in the:
a. Keynesian range. b. Twilight zone. c. Intermediate range. d. Classical range. e. Somewhere over the rainbow.
In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job. b. the lowest bidder wins the bid and pays the amount bid by the first runner-up. c. the bidder bids less than its cost and incurs a loss. d. the lowest bidder wins the bid and has to pay the actual bid for the good.
The more substitutes that are available for a product, the more elastic the demand for that product is.
a. true b. false