A market
A. is any arrangement that brings buyers and sellers together to exchange goods or services.
B. is characterized by rigid prices
C. is an institution used rarely by capitalist nations.
D. raises the transaction costs of doing business.
Answer: A
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The fact that consumers often react more to changes in the posted price of a good as compared to changes in the sales tax that is not posted is an example of
A) salience. B) salinity. C) stupidity. D) rational ignorance.
If nominal GDP rises from one year to the next, then
a. the economy must be producing a larger output of goods and services. b. prices at which goods and services are sold must be higher. c. either output, or the general level of prices, or both must be rising. d. employment and productivity must be rising.
Comparing various exchange systems, which system offers a nation the least control over monetary policy?
A) flexible exchange rates and a closed economy B) a closed economy C) an open nonpeg D) an open peg
Which of the following would create the most money?
(A) The initial deposit is $3,000 and the required reserve ratio is 10 percent. (B) The initial deposit is $7,500 and the required reserve ratio is 25 percent. (C) The initial deposit is $4,500 and the required reserve ratio is 15 percent. (D) The initial deposit is $6,500 and the required reserve ratio is 20 percent.