Among countries with per capita GDP in 2004 of less than $2,000,
A. the ruling party typically can print money when it wants.
B. inflation rates tend to be high.
C. central banks tend to be weak or non-existent.
D. all of the options are correct.
Answer: D
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A ton of coal purchased by your local utility to burn to make electricity would be best described as
A) an intermediate good. B) a financial asset. C) a used good. D) a final product.
The law which prohibits embezzlement of funds by employees or income tax evasion acts as a(n):
a. psychological constraint b. ethical constraint. c. organizational constraint. d. contractual constraint.
The phase of the business cycle characterized by rising employment is called
a. a recession b. a low-tax phase c. a high-inflation phase d. an expansion e. a depression
The income effect is thought to offset the substitution effect among very high wage earners.
Answer the following statement true (T) or false (F)