The substitution effect of a price change ________ consistent with the Law of Demand.
A. is always
B. is never
C. is usually
D. for inferior goods is not
A. is always
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Which of the following transitional economies has become a high-income nation?
a. Czech Republic b. Kazakhstan c. China d. Vietnam e. None of the answers is correct
An example of a public policy response to a monopoly is:
A. doing nothing. B. public ownership. C. antitrust laws. D. All of these are examples.
Property rights and a strong titling system are seen as important to economic development because they allow:
A. loans to be taken out without risk, increasing the quality, not quantity, of investment. B. loans to be taken out against the equity of their assets, increasing investment. C. agencies with authority to verify titling to thrive in the economy. D. savers to invest in property and capital.
The most effective monetary policy tool of the Federal Reserve is
A. the reserve requirements. B. discount operations. C. margin requirements. D. open market operations.