A closed economy lacks ______.
a. a stock market
b. saving and investment
c. a GDP
d. international trade
d. international trade
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Suppose the private sector wishes to hold a constant level of real high-powered money
This means that with an ongoing inflation of p percent, each year the government treasury can obtain goods from the private sector in exchange for ________ p times the existing high-powered money, a government revenue source called ________. A) creating, seignorage B) creating, transfer payments C) collecting, seignorage D) collecting, transfer payments
New York City limits the number of taxi cabs that can legally operate in the city. The most likely result of this practice is that
a. cab fares will be lower. b. cab fares will be higher. c. the cost of operating a taxicab will be lower. d. subway fares will decrease.
Classical unemployment can be caused by which of the following?
A. Efficiency wages B. Bargaining by unions C. Minimum wage laws D. All these create classical unemployment.
Which of the following individuals would not be included in the labor force?
A. Kit, who has retired and is not looking for work. B. Divy, who is on temporary layoff from General Motors. C. Soraya, a recent college graduate, who does not have a job, but has applied for several in the last week. D. Giles, a physician who chooses to work part-time.