Innovation and incentives to come up with new products and production methods are stifled in larger markets
Indicate whether the statement is true or false
FALSE
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In a fixed exchange rate system, the center country, to whose currency the other countries peg their exchange rate, will:
A) find it difficult to conduct autonomous monetary policy. B) find it difficult to conduct autonomous fiscal policy. C) easily implement monetary and fiscal policy to suit its economy. D) defer to advice from other countries in conducting its domestic policy.
All else being equal, an increase in government spending would shift the ______ line to the ______, causing interest rates to _______ and the trade balance to _______.
A) LM; right; fall; fall B) IS; right; rise; rise C) LM; left; rise; rise D) IS; right; fall; fall
Which is one of the five fundamental questions that need to be dealt with in any economic system?
A. What makes the rate of unemployment low? B. Who will be the richest group in the economy? C. How will goods and services be produced? D. How high should the prices of goods and services be?
The exclusive privilege to use an asset is called a(n)
A) property right. B) exclusive use agreement. C) property privilege. D) right to work privilege.