The U.S. economy is unique for both its size and prosperity
a. True
b. False
Indicate whether the statement is true or false
True
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The general rule for benefit maximization suggests that in personal equilibrium:
A) the ratio of total benefits to price should be identical across all goods. B) the ratio of total benefits to income should be identical across all goods. C) the ratio of marginal benefits to price should be identical across all goods. D) the ratio of marginal benefits to income should be identical across all goods.
Based on the Taylor Principle, a central bank's endogenous response of raising interest rates when inflation rises
A) causes an upward movement along the monetary policy curve. B) causes a downward movement along the monetary policy curve. C) shifts the monetary policy curve upward. D) shifts the monetary policy curve downward.
With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial
Indicate whether the statement is true or false
In economics, the latin phrase "Ceteris Paribus" means:
(a) "The market is at equilibrium". (b) "Invisible hand". (c) "Profit maximisation is the goal". (d) "All else being equal".