There must always be a balance of a nation's
A. merchandise exports and gold imports.
B. total international payments.
C. imports and exports of goods and services.
D. merchandise imports and exports.
B. total international payments.
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Controlling the quantity of money and interest rates to influence aggregate economic activity is called
A) foreign policy. B) monetary policy. C) fiscal policy. D) bank antitrust policy.
It is estimated that a 10 percent inflation in the United States would bear a shoe-leather cost of approximately ________ percent of GDP
A) 15 B) 6 C) 2 D) 0.25
The substitution effect occurs because when the price of one good increases, consumers will buy fewer substitute goods
a. True b. False Indicate whether the statement is true or false
A firm that is a natural monopoly
a. is not likely to be concerned about new entrants eroding its monopoly power. b. is taking advantage of economies of scale. c. would experience a higher average total cost if more firms entered the market. d. All of the above are correct.