A sudden and pronounced loss of value of one nation's currency against others is known as a:
a. currency crisis.
b. forced devaluation.
c. thinning of value.
d. default.
Ans: a. currency crisis.
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
A speculator who incorrectly anticipates the future
A) cannot inflict a loss on others because one person's loss must be someone else's gain. B) incurs a personal loss but benefits everyone else. C) inflicts a loss on others and incurs a personal loss. D) makes a personal profit but inflicts a loss on others.
Which of the following would be considered an example of a macroeconomic problem?
A) Should Microsoft reduce the price of its Windows operating system? B) Should the federal government extend the eligibility period for unemployment benefits? C) Should Mitsubishi eliminate one of its production shifts? D) Should JP Morgan Chase increase the interest rate it charges its credit card customers?
Ronald Coase's study, "The Nature of the Firm," argued that
a. market exchange is less costly than hierarchical exchange b. markets are more efficient than hierarchies c. firms are formed to take advantage of situations in which hierarchies are more efficient than markets d. the role of the entrepreneur is primarily to deal with central authority e. markets tend to be less competitive over time