Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy
B. international trade
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All of the following are assumptions of the classical model EXCEPT
A) inflexible wages. B) self-interest of economic actors. C) pure competition. D) absence of money illusion.
If people buy less flowers at every price when their incomes fall, then
a. flowers are a normal good. b. the demand for flowers is positively sloped. c. demand for flowers has increased. d. the price of flowers has increased. e. there has been a decrease in population that changed demand.
Is the Taylor rule the specific formula followed by the FOMC? Explain.
What will be an ideal response?
Marginal cost is:
A.) The change in total costs because of a one-unit increase in output. B.) Total cost divided by the rate of output. C.) Total revenue minus total cost. D.) The average profit divided by the quantity sold.