The record of a country's transactions in goods, services, and assets with the ________ is its balance of payments.
A. its residents
B. governments of other nations
C. the rest of the world
D. its ten largest trade partners
Answer: C
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
A producer cooperative is a retail business owned and operated by some or all of its customers in order to reduce costs
Indicate whether the statement is true or false
Why do we refer to physical capital as a produced factor of production?
The main criticism leveled at the rational expectations school of economic thought is that
A. they assume too much influence due to monopoly power. B. they just go too far in ascribing rationality to the general population. C. the assumption that the velocity of circulation is predictable in the short run is not borne out by the facts. D. the assumption that labor union contracts create a rigid wage structure is unrealistic.