In what geographic areas would the traditional economy most likely be found?
a. parts of Asia, Africa, and South America
b. Cuba and North Korea
c. Europe and the United States
d. China and Russia
a. parts of Asia, Africa, and South America
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The major drawback of a binding price ceiling is: a. it causes a surplus
b. government regulations of this kind are difficult to enforce c. it causes a shortage. d. none of the above; there is no drawback.
The price index was 150 in the first year, 142.5 in the second year, and 138.2 in the third year. The economy experienced
a. 5.0 percent deflation between the first and second years, and 3.0 percent deflation between the second and third years. b. 7.5 percent deflation between the first and second years, and 4.3 percent deflation between the second and third years. c. 5.3 percent inflation between the first and second years, and 4.1 percent inflation between the second and third years. d. 7.5 percent inflation between the first and second years, and 4.3 percent inflation between the second and third years.
If the U.S. dollar appreciates in value relative to foreign currencies, then this will:
A. cause a movement downward along the aggregate demand curve. B. cause a movement upward along the aggregate demand curve. C. increase aggregate demand. D. decrease aggregate demand.
When modern economists cannot solve a model analytically, they can estimate the solution by:
A. using induction to solve a series of equations. B. abandoning models altogether. C. changing from the inductive back to the deductive approach. D. simulating the model with a computer to arrive at a numerical solution.