Many economists thought the Fed should have lowered the federal funds rate less aggressively in late 2007 and throughout 2008
a. True
b. False
B
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The belief that government spending is necessary to offset sluggish private investment demand is associated with:
a. monetarism. b. supply-side economics. c. Keynesianism. d. rational expectations theory.
If a country does not engage in trade with other countries, it is known as
A. A closed economy. B. A trade deficit economy. C. A trade surplus economy. D. An open economy.
Which of these is an example of a market failure?
A.) Too few doctors and hospitals in rural areas. B.) Too much pollution in urban areas. C.) Too many people living in poverty. D.) All of these are correct.
The market system corrects a shortage by:
a. Raising product price to decrease production b. Lowering product price to increase production c. Raising product price to increase production d. Lowering product price to decrease production