An example of a natural monopoly is
A) a house.
B) the Internet.
C) air traffic control.
D) fish in the ocean.
B
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If a nation merges its currency with another nation to create a single currency, what must it give up?
a. the ability to purchase currency in foreign exchange markets b. the ability to determine its own nationally-oriented monetary policy c. the ability to fight recessions and control inflations d. the ability to sell currency in foreign exchange markets
Country A's overall balance in the balance of payments is equal to:
a. The current account minus the financial account. b. The reserves account minus the current account. c. The reserves account plus the capital account plus the current account. d. And carries the opposite sign of the reserves account. e. The reserves account plus the financial account.
A measure of overall prices at a particular point in time is called:
A. a real price. B. inflation. C. the price level. D. a relative price.
If people generally believe that "you get what you pay for," it is reasonable for them to:
A. make every effort to get complete information about a product before making a purchase to make sure that the purchase is optimal. B. assume that a cheaper brand is always a better deal than expensive brands. C. assume that an expensive item is of higher quality, creating the possibility of an upward-sloping demand curve. D. assume that an expensive item is of higher quality, which eliminates the possibility of an upward-sloping demand curve.