In discussing government policy regarding foreign trade, an economist stresses the power that big U.S. corporations have over people in poor countries, a power that they can use to exploit the poor. This way of seeing the world is most compatible with:
A. mainstream economics.
B. public choice economics.
C. right-wing economics.
D. Marxian economics.
Answer: D
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Suppose that a perfectly competitive industry is in long-run equilibrium. The price of a complement good decreases. What will happen?
A. Next period a typical firm will earn positive economic profit. B. Next period a typical firm will increase output. C. Eventually firms will exit the industry. D. both a and b E. all of the above will happen
If real interest rates in the US increase relative to real interest rates in other countries which of the following will occur?
a. capital will flow out of the US b the demand for loanable funds in the US will increase c. the supply of the loanable funds will increase in other countries d. the supply of loanable funds will increase e. the demand for loanable funds will increase in other countries
The index used most often to measure inflation is the
A. GDP deflator. B. wholesale price index. C. producer price index. D. consumer price index.
The money growth rate and the inflation rate
A) are negatively correlated. B) are positively correlated, but the relationship is noisy. C) are positively correlated, and the relationship is tight. D) are uncorrelated.