The most difficult part of forecasting is
A. the complexity of the economy.
B. not enough theoretical models.
C. lack of computing power.
D. insufficient data on the economy.
Answer: A
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Refer to Figure 18.1. Canada has a comparative advantage in the production of
A) bicycles. B) hang gliders. C) both bicycles and hang gliders. D) neither bicycles nor hang gliders.
Which of the following is not a possible solution to the holdout problem?
a. eminent domain b. contingency contracts c. Dutch auction d. hiding your intentions
When there is an abrupt increase in the rate of inflation,
a. the actual rate of inflation will tend to fall below the natural rate. b. the actual rate of inflation will tend to rise above the natural rate. c. the actual and natural rate of inflation will generally be equal. d. the natural rate of unemployment will tend to rise.
The concept of “government failure” implies
A. laissez faire is always best. B. government intervention is always justified since government never fails. C. no market failure can be corrected by government intervention. D. government intervention to correct a “market failure” sometimes fails.