People tend to hold more money as the rate of inflation ___ and as the level of income ____.
A. rises; rises
B. falls; falls
C. rises; falls
D. falls; rises
A. rises; rises
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An increase in the price of a close substitute for good A will:
a. increase demand, increase price and increase the quantity exchanged. b. increase demand, increase price and decrease the quantity exchanged. c. increase supply, increase price and increase the quantity exchanged. d. decrease demand, decrease price and decrease the quantity exchanged.
If the Fed is going to create an environment for economic progress, it should focus on
What will be an ideal response?
From a consumer's point of view, which type of oligopoly is most desirable?
A. Cournot B. Bertrand C. Sweezy D. Stackelberg
All of the following are listed in the text as being keys to economic development EXCEPT
A. a higher rate of population growth. B. an open economy. C. an educated population. D. a system of property rights.