According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
A. United Arab Emirates
B. Israel
C. Greece
D. Luxembourg
Answer: A
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A price index is ________.
A. the cost of a market basket of goods and services in a base period divided by the cost of the same market basket in another period B. a comparison of the current price of a market basket to a fixed point of reference C. a comparison of real GDP in one period relative to another D. a ratio of real GDP to nominal GDP
If the economy is experiencing an inflationary gap, Keynesian economists advocate allowing flexible wages to shift the short-run aggregate supply curve (SRAC) upward and restore full employment
a. True b. False Indicate whether the statement is true or false
After enjoying a perfectly delicious meal, Duane treats himself and orders a very expensive dessert. After one bite, Duane realizes he does not care for it at all. He chokes it down while thinking about the money he just wasted on it. Duane's decision to eat the entire dessert is an example of:
A. a cognitive bias, because he is focused on the money spent on the dessert. B. emphasizing a sunk cost instead of weighing marginal costs and benefits. C. irrational behavior. D. Duane's behavior exemplifies all of these.
Central banks around the world that are ________ are least effective.
A. run by those appointed for extended terms B. run by those appointed by elected officials C. independent of political influence D. subject to directives from elected (or dictatorial) officials