An embargo is
A. A prohibition on exports or imports.
B. A limit to the quantity of a good that may be imported in a given time period.
C. A tax imposed on imported goods.
D. An orderly marketing agreement.
Answer: A
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Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3% percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of
A. opportunity costs. B. imperfect information. C. marginal benefits that exceed marginal costs. D. normative economics.
Do economists analyze people's thought processes or do they look at what people actually do?
A) Economists focus only on people's thought processes. B) Economists focus on what people do, not their thought processes. C) An economist's focus is about half-and-half between actions and thought processes. D) Macroeconomists focus on thought processes while microeconomists focus on actions.
Economist Douglass North suggests that the term used to describe government bodies, development agencies, and international groups should be:
A. organizations. B. institutions. C. agencies. D. groups.
If the average interval between firms' price adjustments is relatively long
A) an increase in aggregate demand will cause a relatively short-lived increase in real GDP. B) an increase in aggregate demand will cause a relatively long-lived increase in real GDP. C) a reduction in aggregate demand will cause a relatively short-lived reduction in real GDP. D) none of the above.