The nation listed below whose economy currently comes closest to a free market is
A. North Korea.
B. Germany.
C. People’s Republic of China.
D. Cuba.
Answer: B
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The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. In the U.S
steel market, the "Buy American" provision in the 2009 stimulus package would A) reduce the producer surplus received by foreign manufacturers. B) transfer some deadweight loss to producer surplus. C) transfer some producer surplus to consumer surplus. D) convert some consumer surplus to deadweight loss.
Suppose two goods are perfect substitutes. The price elasticity of demand of one of the goods is
A) 0. B) 1. C) 1000. D) infinity.
The price elasticity of supply along a typical supply curve is
a. constant. b. equal to zero. c. higher at low levels of quantity supplied and lower at high levels of quantity supplied. d. lower at low levels of quantity supplied and higher at high levels of quantity supplied.
"Animal spirits" refers to
A) the stubborn refusal of many economic decision-makers to use rational expectations. B) movements in investment that cannot be explained by changes in current variables. C) the often-observed Fed refusal to cooperate with the government in setting its monetary policy. D) the impact of tax-evasion on the budget deficit. E) an exotic alcoholic drink favored by Wall Street traders.