Where do economic agents such as individuals, firms, and nations interact with each other?
A) in any arena that brings together buyers and sellers
B) in any location where transactions can be monitored by consumer groups and taxed by the government
C) in any physical location where people can physically get together for selling goods, such as shopping malls
D) in public locations monitored by the government
A
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Data confirms that the quantity theory of money:
A) holds only in the short run. B) holds in the long run. C) holds both in the long run and the short run. D) does not hold either in the short run or in the long run.
A rise in the real interest rate ________ consumption expenditure and ________
A) decreases; shifts the consumption function downward B) decreases; results in a movement downward along the consumption function C) decreases; shifts the consumption function upward D) increases; shifts the consumption function upward E) increases; shifts the consumption function downward
If the government uses stabilization policies to reduce inflation, the economy may have to suffer
a. higher rates of real GDP growth. b. higher rates of unemployment. c. lower rates of unemployment. d. higher rates of price level growth.
Companies cannot avoid prisoner dilemmas
Indicate whether the statement is true or false