One of the 20th century's worst episodes of inflation occurred in
a. the United States in the 1960s.
b. Italy in the 1950s.
c. Russia in the 1930s.
d. Germany in the 1920s.
d
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When the economy swings back toward the boom part of a business cycle which of the following will generally not occur?
A. Labor demand will increase. B. Cyclical unemployment will decrease. C. Actual wages will approach the market-clearing level. D. Labor supply will decrease.
Government ownership of monopoly industries is termed
a. economic regulation b. antitrust c. nationalization d. creative destruction e. rule of reason
In recent years, which countries have taken a unilateral approach to the removal of trade restrictions?
a. China and North Korea b. Chile and South Korea c. Russia and Japan d. the United States and Mexico
Innovation creates the opportunity to:
A. earn positive economic profits. B. quickly exit industries. C. lose money spent on research and development. D. sustain zero economic profits in a single industry in the long run.