What is a black swan event?
What will be an ideal response?
It refers to rare events that have a significant impact on society or the economy.
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Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need. b. government levies heavy taxes on households and firms. c. human beings become satiated as consumption increases. d. human wants are nearly unlimited relative to the availability of resources. e. productive resources, technology, and labor are unlimited.
The principle of comparative advantage was developed by
A. Harry Truman. B. David Ricardo. C. John Maynard Keynes. D. Adam Smith.
Refer to the information provided in Table 25.1 below to answer the question(s) that follow.Table 25.1
Refer to Table 25.1. The required reserve ratio is 25%. If the First Charter Bank is meeting its reserve requirement and has no excess reserves, its reserves equal
A. $100. B. $200. C. $300. D. $600.
Trade barriers that restrict imports from developing countries tend to be:
A. Highest in the capital goods and technology sectors of those economies B. Lowest in the labor-intensive manufacturing sectors of those economies C. Lowest for those products in which DVCs have a comparative advantage D. Highest for those products in which DVCs have a comparative advantage