A country is experiencing civil unrest. What is likely to happen to the value of its currency?
A. It will stabilize.
B. It will increase.
C. It will decrease.
D. It will not be affected.
C. It will decrease.
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If producers incorrectly set the price of their product too low a:
A. shortage will result and consumers will bid the price down to equilibrium. B. surplus will result and excess goods in inventory will signal the producers to lower their prices. C. shortage will result and consumers will bid the price up to equilibrium. D. surplus will result and excess goods in inventory will signal the producers to restrict output until sales increase.
All points on the long run Phillips curve that are sustainable in the long run due to economy's self correcting mechanism correspond to
a. the mature rate of unemployment. b. the natural rate of unemployment. c. the seasonal rate of unemployment. d. the cyclical rate of unemployment.
Which of the following is NOT one of the basic questions that an economic system attempts to answer?
A. For whom will goods and services be produced? B. How to identify what people need? C. How will goods and services be produced? D. What to produce?
Which of the following is not true about the composition of GDP in 2016?
A) The majority of consumer spending is on durable goods. B) Purchases made by state and local governments are greater than purchases made by the federal government. C) Imports are greater than exports. D) Business fixed investment is the largest component of investment.