The Fisher effect is the tendency for ________ interest rates to be ________ when inflation is high.
A. real; low
B. market; low
C. nominal; high
D. real; high
Answer: C
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Which of the following markets is an example of an oligopoly?
A) The market for premium apparels B) The market for books C) The market for video games D) The market for wheat
Which of the following is not a reason why low-income countries might experience low economic growth?
A) The country has a good education system. B) The country has a low rate of saving and investment. C) The country has endured extended periods of war. D) The country fails to enforce a rule of law.
Which of the following about inventory changes and GDP is true?
a. Inventory investment adds to GDP because it represents goods produced during the current period. b. Inventory investment is subtracted from GDP because the goods were not sold during the period. c. Inventory investment does not affect GDP because the goods were not sold during the period. d. Inventory investment does not affect GDP because it does not represent goods produced during the period.
Accounting profits are
A. total revenue minus explicit and implicit costs. B. total revenue minus normal costs. C. total revenue minus explicit costs. D. total revenue minus implicit costs.