The highly centralized economies of North Korea and Cuba are ______ economies.
a. command
b. mixed
c. market
d. traditional
a. command
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A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage rate
a. True b. False Indicate whether the statement is true or false
If aggregate output is falling, _____
a. federal budget deficit decreases b. tax revenue increases c. automatic stabilizers will tend to increase the size of the deficit d. automatic stabilizers will tend to decrease the size of the deficit e. transfer payments decrease as fewer people become eligible for public assistance
Which of the following is a possible impetus for a banking panic?
a. An individual bank fails. b. A large, very important bank fails. c. Congress increases the amount of demand deposits that are protected by insurance. d. Banking rules change to make it harder for banks to make bad loans. e. Changes in the discount rate.
Which of the following explains the shift in the foreign exchange market?
a. U.S. residents demanded more European goods and hence demanded fewer euros.
b. Europeans demanded more U.S. goods and hence demanded more U.S. dollars.
c. U.S. residents demanded fewer European goods and hence demanded more euros.
d. Europeans demanded fewer U.S. goods and hence demanded less U.S. dollars.