Which is not characteristic of a centrally planned economy?
a. The central government owns all land and capital.
b. The central government makes all economic decisions.
c. Each collective or factory sets its own goals.
e. Each person is assigned a job.
Ans: c. Each collective or factory sets its own goals.
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One way that countries can settle international payment obligations is
A) to run a balance of payments surplus. B) to run a balance of payments deficit. C) to use special drawing rights. D) to stop trading.
The finite nature of the economy's resource base:
a. will be solved if only we would learn to conserve. b. is only a problem in developing countries. c. will be solved as technology advances. d. will always be with us.
In the 20th century, the ratio of the U.S. debt to GDP has largely
A. Fallen to its lowest levels during recessions or depressions. B. Risen in response to wars. C. Been inversely related to the deficit to GDP ratio. D. Fallen during wartime compared with prewar levels.
How do we find the real exchange rate from the nominal exchange rate?