According to the ____ view, a nation’s wealth consists of the amount of gold or other monies at its command.
A. Keynesian
B. free trade
C. mercantilist
D. monetarist
Answer: C
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Suppose that Joan, the only consumer of pork, has a downward-sloping demand curve for pork and faces an upward-sloping supply curve. If her demand curve shifts out because she develops a craving for pork, then at the new equilibrium (everything else equal),
A. the price of pork relative to other goods will be higher than before. B. Joan’s marginal utility from every unit of pork she eats will be higher than before. C. Joan’s real income will be lower than before. D. All of the responses are correct.
Describe the environmental Kuznets curve
What will be an ideal response?
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
In April 1991, Argentina adopted a currency board primarily to address the problem of:
A. triple-digit inflation. B. high interest rates. C. large trade surpluses. D. slow growth.