What event started the Asian financial crisis in 1997?
A) Indonesia's inability to pay its debts
B) devaluation of Indonesia's currency
C) Thailand's inability to pay its debts
D) devaluation of Thailand's currency
E) devaluation of Malaysia's currency
D
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A perfectly competitive market is in equilibrium and then demand decreases. The decrease in demand means the market price will ________ and eventually there will be ________
A) rise; entry by new firms B) fall; exit by existing firms C) fall; entry by new firms D) rise; exit by existing firms E) fall; neither entry nor exit because the market is perfectly competitive
Through collective bargaining,
a. representatives of an employer negotiate with the rank and file of the union membership b. union and nonunion members combine forces in negotiation c. craft and industrial unions combine forces in negotiation d. contracts are worked out between representatives of the union and employer representatives e. union workers must accept contracts negotiated by their representatives
Gross domestic product equals the sum of consumption, investment, and government purchases.
Answer the following statement true (T) or false (F)
The growth rate of GDP in 2005 was 6.5%, but the growth rate of real GDP was 3.1%. Based on these facts alone, we can conclude that
A. GDP per capita rose in 2005. B. the government increased its spending in 2005. C. the economy experienced disinflation in 2005. D. the average price level was rising in 2005.