The first step in gradualism is
a. the privatization of larger industrial sectors
b. the phasing out of money-losing enterprises
c. large industrial enterprises quickly finding market-clearing prices
d. the thriving of small-scale capitalism
e. state-owned enterprises running more like businesses to maximize profit
D
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The quantity of money that people choose to hold depends on which of the following?
I. The price level II. Financial innovation III. The exchange rate A) I B) I and II C) I and III D) I, II, and III
In the specific factors model, which of the following will increase the quantity of labor used in food production?
A) an increase in the price of food relative to that of cloth B) an increase in the price of cloth relative to that of food C) a decrease in the price of labor D) an equal percentage decrease in the price of food and cloth E) an equal percentage increase in the price of food and cloth
A commitment strategy is an agreement in which players agree to:
A. submit to a penalty in the future if they defect from a given strategy. B. cooperate before the game begins. C. cooperate in repeated games until someone defects. D. None of these is a definition of a commitment strategy.
Using Figure 3 below the distance between what 2 lines illustrate an inflationary output gap?
A. PAE2 to PAE3
B. PAE1 to PAE2
C. Y1 to Y2
D. Y2 to Y3