An economic policy is:
A. a generalization about the workings of an abstract economy.
B. a physical or mental structure that significantly influences economic decisions.
C. a standard people use when they determine whether a particular activity or behavior is acceptable.
D. an action taken by the government to influence the course of economic events.
Answer: D
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If the United States is a "net borrower" from abroad,
A) national saving is less than domestic investment. B) net foreign investment must be positive. C) net capital flows must be negative. D) the United States must be exporting more than it is importing.
Which of the following correctly ranks the three countries, from highest to lowest, for percentage of college-age children in school?
a. United Kingdom, Mali, Mexico. b. Mexico, Mali, United Kingdom. c. United Kingdom, Mexico, Mali. d. Mali, Mexico, United Kingdom.
Which of the following examples belong to the most significant type of nonmarket transaction excluded from the GDP?
a. Lorenzo talks to a friend on a beach. b. Leonard trades three baseball cards for a baseball. c. Monica cleans the kitchen in her house. d. Alessia does charity work for her church.
Under the Bretton Woods system, devaluation was
A. normal. B. routine. C. rare. D. a last resort.