The total of all planned production for the entire economy is known as
A. aggregate supply.
B. aggregate demand.
C. aggregate expenditures.
D. aggregate inflation.
Answer: A. aggregate supply.
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If the government of a country does not intervene in the foreign exchange market, then the country is said to have a:
A) flexible exchange rate system. B) managed exchange rate system. C) nominal exchange rate system. D) fixed exchange rate system.
Refer to Table 1-3. What is Santiago's marginal cost if he decides to stay open for an extra two hours instead of one hour?
A) $18 B) $36 C) $38 D) $102
Many U.S. producers complain about limited access to the Japanese market. They say that they cannot export to Japan because Japanese import restrictions are so severe. Who gains? Who loses?
a. Everyone loses. b. Japanese producers gain, U.S. producers and Japanese consumers lose. c. Japanese producers and consumers gain, U.S. producers and consumers lose. d. Japanese consumers and U.S. consumers gain, Japanese producers lose e. Everyone gains.
During 1980-2005, the developing countries that moved most rapidly toward economic freedom
a. achieved higher rates of economic growth, but the reductions in their poverty rates were smaller than those for countries that were less free. b. grew less rapidly, but the reductions in the poverty rates were greater than those achieved in countries that were less free. c. experienced both slower rates of economic growth and smaller reductions in poverty rates than countries that were less free. d. experienced both more rapid rates of economic growth and larger reductions in poverty rates than countries that were less free.