What is the main goal of most people in a nation that has a traditional economic system?
a. to make a significant profit
b. to produce weapons instead of consumer goods
c. to produce innovative new products that improve the quality of life
d. to survive and not starve to death
Ans: d. to survive and not starve to death
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The exchange rate is
a. the price of foreign exchange determined by the interaction of supply and demand b. an interest rate determined by the interaction of supply and demand c. fixed by each government separately d. always fixed for any two currencies by the two nations involved, regardless of any agreements made with other nations e. fixed by GATT
A tax rate cut, increase in government purchases, and creating an investment tax credit would shift: a. only the aggregate demand curve
b. only the aggregate supply curve. c. both the aggregate supply and aggregate demand curves. d. neither the aggregate supply nor the aggregate demand curve.
During the current quarter, a firm produces consumer goods and adds some of those goods to its inventory rather than selling them. The value of the goods added to inventory is
a. not included in the current quarter GDP. b. included in the current quarter GDP as investment. c. included in the current quarter GDP as consumption. d. included in the current quarter GDP as a statistical discrepancy.
What is a formal complaint called?
a. negotiation b. grievance c. arbitration d. mediation