There is some evidence that if inflation can be held to moderate levels of less than what percentage per year, it need not prevent a nation’s real economy from growing at a healthy pace?
a. 2%
b. 3%
c. 4%
d. 5%
b. 3%
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The welfare loss from an import quota is greater than that of an equivalent tariff because
A) tariff revenues can be used to society's benefit. B) the loss in consumer surplus is not as large. C) domestic producers gain more from a quota than from a tariff. D) tariff revenues represent an additional deadweight loss.
Consider a firm operating with the following: price = 10; MR = 10; MC = 10; ATC = 10 . This firm is:
a. making an economic profit of 10. b. an example of monopolistic competition. c. going to go out of business in the long run. d. a monopolist for a product with a relatively inelastic demand. e. perfectly competitive in long-run equilibrium.
According to the World Bank, the high-income oil-exporting nations like Libya, Saudi Arabia, Kuwait, and the United Arab Emirates:
a. are considered to be still-developing countries. b. are the major trade partners of the U.S. c. are considered as underdeveloped economies. d. have highly interdependent economies. e. are considered highly-developed countries.
Under the gold standard, a nation’s domestic economic policy
a. was subordinate to balance-of-payments adjustments. b. controlled balance-of-payments adjustments. c. was unrelated to balance-of-payments adjustments. d. was controlled by the World Bank.