Macroeconomics stresses
A. resource allocation and income distribution.
B. inflation and unemployment.
C. resource allocation and inflation.
D. unemployment and income distribution.
Answer: B
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How do you determine is a foreign exchange market is efficient?
A) See if the market rates adjust quickly to new and relevant information. B) See if systematic profit opportunities are quickly eliminated. C) See if forward rates are equal to expected future spot rates. D) All of the above should be true if a foreign exchange market is efficient.
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
a. monopoly. b. cartel. c. kinked demand industry. d. price-leadership industry.
Expansionary fiscal policy may have an even smaller effect on aggregate demand in the open economy than a closed economy
a. True b. False Indicate whether the statement is true or false
Consumer sovereignty implies that
a. producers determine what goods will be produced and consumers are free to choose from among them b. consumers choose the composition of our economy's output c. goods are produced on the basis of need d. the government directs the production of consumer goods in the economy e. a committee of consumers determines the key issues in the economy