Appreciation of the Japanese yen will lead to a significant balance of trade surplus
a. True
b. False
Indicate whether the statement is true or false
False
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
When the international financial system operated under the gold standard,
a. the currencies of most countries were convertible into gold b. all international transactions were financed with gold c. the price of gold was determined by the supply and demand for foreign exchange d. the quantity of money demanded was always the same e. there was very little inflation
The aim of antitrust policy is to
a. provide adequate incentives for inventors and entrepreneurs. b. prevent firms from acquiring or exercising undue market power. c. prevent firms from becoming very large. d. regulate the prices charged by oligopolies.
Which statement about natural resources and a country’s economic growth is true?
a. Natural resources have a very limited impact on a country’s economic growth. b. Abundant natural resources can increase output, but sustained growth depends on other factors. c. A country’s economic growth determines its supply of natural resources. d. The presence of natural resources is the primary predictor of a country’s economic output.