Which of the following is most likely to be a monopolistically competitive firm?
A) a soybean farmer
B) a lettuce farmer
C) a municipal water district
D) a fast food restaurant
Answer: D
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A drop in consumption or investment spending caused by increased government spending is referred to as:
a. the multiplier effect. b. an expansionary gap. c. Ricardian equivalence. d. the paradox of thrift. e. crowding out.
In the early 2000s, Ecuador replaced its currency, the sucre, with the U.S. dollar in order to solve its inflation problem. As long as Ecuador maintains the U.S. dollar as its official currency, what will happen to the monetary policy of Ecuador?
A. It effectively will cease to exist. B. It will become more powerful but less flexible. C. It will become less powerful but more flexible. D. It will become both more powerful and more flexible.
A country that has had success with export-led growth policy is:
A. South Korea. B. Liberia. C. North Korea. D. Russia.
One major assumption of economics is that people
A) act as if they systematically pursue self-interest. B) behave randomly without any predictable pattern. C) are sometimes rational and sometimes irrational. D) always pursue the interests of others.