The business cycle matters for unemployment because:
A. it affects the demand for labor.
B. it affects the supply of labor.
C. Both of these are true.
D. Neither of these is true.
Answer: A
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The data in the above table demonstrates that gains from trade can be captured if
A) the United States produced both goods. B) the United States produced steel in exchange for concrete produced in France. C) the United States produced concrete in exchange for steel produced in France. D) each country became self-sufficient, produced both goods for itself, and did not engage in trade.
Capital flight
A) increases reserves. B) is never associated with the expectation of devaluation. C) may undo expected devaluation. D) reduces losses during a devaluation scare. E) decreases reserves and may induce devaluation.
Monetary policy
a. must be described in terms of interest-rate targets. b. must be described in terms of money-supply targets. c. can be described either in terms of the money supply or in terms of the interest rate. d. cannot be accurately described in terms of the interest rate or in terms of the money supply.
The free-rider problem exists because it is difficult to ______.
a. share the benefits of some products with everyone b. prevent everyone from gaining the benefits of some products c. produce products that satisfy everyone d. produce products that satisfy anyone