We call an economy that is self-contained and does not engage in any trade with outsiders a(n):
A. monarchy.
B. oligarchy.
C. oligopoly.
D. autarky.
Answer: D
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In the case of an appreciating domestic currency, central banks often sell foreign currencies in exchange for domestic currency to stop the appreciation
Indicate whether the statement is true or false
When the price of a product decreases, the marginal revenue product curve in a perfectly competitive market
A) does not change. B) becomes flatter. C) shifts to the right. D) shifts to the left.
The individual firm operating in a perfectly competitive labor market
A) can hire more labor only by offering a higher wage. B) faces an inelastic demand for labor. C) will pay less to the additional labor employed. D) can buy all the labor it wants at the going market wage rate.
“Budget deficits are inflationary.” The truth of this statement depends on
A. aggregate demand in the economy. B. the shape of the aggregate supply curve. C. the size of the national debt. D. existing debt as a percentage of GDP.