________ refers to a government's failure to repay its debt
A) Intolerance
B) Distortion
C) Seignorage
D) Repudiation
D
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Which of the following is an example of the opportunity cost involved with social regulation?
a. The monetary costs of hiring administrative assistants to fill out OSHA safety reports b. The environmental costs of pollution control required under the Clean Air Act c. The monetary costs of laboratory trials required to try out a new drug d. The lives that are lost because new drugs are not introduced quickly e. The monetary cost of manufacturing a life saving drug
In the above figure, the long-run equilibrium real GDP is
A. $10 trillion. B. $11 trillion. C. $12 trillion D. not displayed.
Suppose that the expected inflation rate is 3 percent and the actual inflation rate is 6 percent. Then borrowers
A. are worse off and lenders are better off. B. and lenders are both worse off. C. are better off and lenders are worse off. D. and lenders are both better off.
Which of the following is an example of a monopolistically competitive market?
A) The market for wheat B) The market for coffee beans C) The market for shampoo D) The market for premium cars