Who wrote the following criticism of European colonial expansion into poorer non-European nations? "The superiority of force happened to be so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice
in those remote countries." A) Adam Smith
B) Karl Marx
C) Alfred Marshall
D) John Maynard Keynes
E) John Kenneth Galbraith
A
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When a price shock has occurred, inflation returns to its pre-shock rate ________
A) in the period following the price shock B) in the period when output has returned to its pre-shock rate C) once the output gap has returned to zero D) only in the long run E) none of the above
Free-riding by online retailers results in a(n) ________ amount of product-specific services, which ________ harm the manufacturer.
A) optimal; does B) sub-optimal; does C) sub-optimal; does not D) optimal; does not
Suppose that velocity and output are constant and that the quantity theory and the Fisher effect both hold. What happens to inflation, real interest rates, and nominal interest rates when the money supply growth rate increases from 5 percent to 10 percent?
If the market price of a good does NOT include all of the costs and benefits that arise from the production or consumption of the good, then
A. an externality is present. B. resources are properly allocated. C. society is consuming and producing the optimal amount of the good. D. the market is perfectly competitive.