Over the past 30 years, most countries have moved toward
A. closing the economy to imports.
B. more government regulation of the economy.
C. less government regulation of the economy.
D. planned central economies.
Answer: C
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The percentage change in quantity supplied that results from a 1 percent change in price is known as the:
A. slope of the supply curve. B. cross-price elasticity of supply. C. cross-price elasticity of demand D. price elasticity of supply
Which of the following is not a constraint on deposit creation?
A. The reserve requirement increases. B. The interest rate falls, making borrowing less costly for businesses and consumers. C. Banks become less willing to lend money to businesses and consumers. D. Businesses and consumers stop using and accepting checks or debit cards.
Which of the following people would most likely pay a higher percentage of her wages in excise tax?
a. a low earner who does not smoke, drink, or drive a car b. a low earner who drinks, smokes, and commutes to work c. a high earner who drinks, smokes, travels, and owns many investments d. a high earner who drinks, smokes, commutes to work, and has no investments
Which of the following is prerequisite of successful market economies?
A. the existence and enforcement of property rights B. a tax system that redistributes income from the rich to the poor C. the ability of the government to appropriate economic profits beyond a certain amount to ensure equality in income distribution D. a military presence to ensure political freedom