Comparing the United States to other economies, the United States is one of the ____ economies in the world.
A. most government-supervised
B. most privatized
C. most government-owned
D. least privatized
Answer: B
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Economic goods are: a. only those commodities priced in monetary terms
b. scarce products that are created from scarce resources. c. the opposite of normative economic goods. d. not subject to scarcity.
Which of the following would explain wage rigidities?
a. Inflexible long-term contracts b. Inflation c. The liquidity of financial assets d. The reluctance of firms to lay off workers e. High worker productivity
Assume a nation has a fixed exchange rate, and the central bank increases the required reserve ratio. What is the net effect on the monetary base (given fixed exchange rates)? Answer assuming all the adjustments have worked their way through the macroeconomic system, and it is in equilibrium
a. The monetary base rises. b. The monetary base falls. c. The monetary base is not affected in this example. d. The monetary base can not change because of the "Impossible Trilogy." e. The change in the monetary base is ambiguous.
Refer to the above figure for a particular good. The rightward shift of the curve could have been caused by
A. an increase in the price of a substitute good. B. a decrease in the price of that good. C. an increase in the price of a complementary good. D. a decrease in the price of an input.