According to this Application, clear property rights
A) hinder economic growth in developing nations.
B) have no impact on the economic growth of developed nations.
C) are important for economic growth in developing and developed nations.
D) are important for economic growth in developed nations, but not in developing nations.
C
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If real GDP grows at 4 percent, the quantity of money grows at 6 percent, and velocity does not change, then in the long run the inflation rate is
A) 2 percent. B) 4 percent. C) 10 percent. D) 1.5 percent. E) 6 percent.
If a decrease in income leads to an increase in the demand for macaroni, then macaroni is
A) an inferior good. B) a necessity. C) a neutral good. D) a normal good.
The discount rate is the interest rate:
a. commercial banks charge their low-risk customers for a loan. b. savings and loan associations pay for using savings deposit funds. c. the U.S. Treasury pays individuals who buy Treasury bonds in denominations of $10,000 or more. d. the Federal Reserve charges banking institutions for borrowing its funds.
Which one of the following is not a characteristic of a perfectly competitive market? a. Firms advertise in order to distinguish their products and increase market share. b. Firms earn zero economic profit in the long run
c. Competing products are virtually identical. d. Firms are price takers.