Some nations that seek to produce all of their own needs face the problem that
a. people don't want a wide variety of choices when buying.
b. some industries are too small to be efficient.
c. other countries may want to buy from them.
d. All of the above are true.
b
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Bid-rigging is more likely when
a. auctions are for larger amounts b. auctions are infrequent c. auctions are for smaller amounts d. the auctioneer is paid on commission rather than a fixed fee
What do most economists think is the most accurate statement about velocity?
a. It is fairly constant in the short run, but varies considerably in the long run, complicating predictions about nominal GDP. b. M1 velocity is more stable in the short run than M2 velocity, and it has been a superior tool in predicting changes in nominal GDP. c. It is not constant in the short run, and predictions about nominal GDP have not fared well. d. M2 velocity has been less stable than M1 velocity, but both are reliable enough to make accurate predictions about changes in nominal GDP.
Members of the Board of Governors of the Fed are
a. elected to two-year terms by the Electoral College. b. appointed by the president for four-year terms and confirmed by the Congress. c. appointed by the president for 14-year terms and confirmed by the Senate. d. appointed by the president for 14-year terms and confirmed by the Supreme Court.
Which of the following groups of people is eligible for unemployment insurance?
a. people who were laid off in a recession b. people who have not had a job before c. people who were fired d. people who quit their job