Inflation is defined as a sustained increase in an economy's price level
a. True
b. False
Indicate whether the statement is true or false
True
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If the required reserve ratio is 5 percent, then the simple deposit multiplier is
A) 2. B) 5. C) 10. D) 20.
______________ is another term for perfect elasticity.
a. Zero elasticity b. Infinite elasticity c. Constant unitary elasticity d. Zero inelasticity
Who said this statement? "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it from them with some part of the produce of our own industry, employed in a way in which we have some advantage."
A. Adam Smith B. Fredric Bastiat C. Murray Weidenbaum D. Joel Kurtzman
The famous historical example of the commitment strategy used by Cortes against the Aztecs is sometimes referred to as:
A. "friendly fire." B. "burning your boats." C. "putting all your eggs in one basket." D. "burning your bridges."