Define economics. Who are economic agents?
What will be an ideal response?
Economics is the study of how agents choose to allocate scarce resources and how these choices affect society. An economic agent is an individual or a group that makes choices.
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Most economic graphs have two lines perpendicular to each other. Where these lines meet is called the
A) origin. B) y-axis. C) x-axis. D) variable. E) point of beginning.
An inflation-prone country
A) gains from vesting its monetary policy decisions with a "conservative" central bank. B) loses from vesting its monetary policy decisions with a "conservative" central bank. C) gains from vesting its fiscal policy decisions with a "conservative" central bank. D) loses from vesting its fiscal policy decisions with a "conservative" central bank. E) remains constant when vesting its fiscal policy decisions with a "conservative" central bank.
The ECB has the following mandates, EXCEPT:
A) use interest rates to implement the policy of price stability. B) use monetary policy to fulfill objectives of the European Union community. C) not be under the jurisdiction of any other European Union institution. D) finance deficits of member countries when needed.
Which of the following is/are example(s) of increasing cost industries?
A. coffee B. sugar C. apartments D. All of these are correct.