All of the following countries come close to the free market benchmark except
A) Canada.
B) North Korea.
C) Germany.
D) Singapore.
Answer: B
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The long-run effect of an increase in the growth rate of the quantity of money is a
A) higher nominal interest rate. B) lower nominal interest rate. C) lower real interest rate. D) lower inflation rate. E) higher real interest rate.
The decision about how much money to hold is an application of the:
A. principle of increasing opportunity cost. B. cost-benefit principle. C. principle of comparative advantage. D. scarcity principle.
Related to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States, executive compensation has ________ and the real wage of the average worker has ________.
A. remained stagnant; decreased B. increased; decreased C. decreased; increased D. increased; remained stagnant
When all the conditions for perfect competition are met,
A. the system produces the goods and services consumers want. B. final products are distributed among households efficiently. C. resources are allocated among firms efficiently. D. All of the above are correct.