Which term refers to a legally established minimum price that firms may charge?
A) a tariff B) a price ceiling C) a subsidy D) a price floor
D
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An economy with both a private and public sector is called:
A) a mixed economy. B) a private economy. C) a command economy. D) none of the above.
The phrase in the text, 'human beings are self-interested, not selfish' means that:
a. people are never selfish. b. people never act in a spiteful or belligerent manner. c. people never act in a fit of rage. d. people contribute to charities and they help others. e. people care only about themselves and their families.
Risk diversification refers to the process by which:
A. insurance companies change the risk aversion of their clients. B. insurance companies reallocate the likelihood of catastrophes happening. C. people organize themselves in a group to collectively absorb the cost of the risk faced by each individual. D. risks are shared across many different assets or people, reducing the impact of any particular risk on any one individual.
Which of the following are the constituents of the Balance of Payments?
(a) Current account, primary account and general balance. (b) Current account, capital account and financial account. (c) Trade account, merchandise account and overdrafts. (d) Financial account, income tax and VAT.