The leading spokesman for monetarism over the last few decades was
A. Paul Samuelson.
B. Robert E. Lucas.
C. Milton Friedman.
D. John Kenneth Galbraith.
Answer: C
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Foreign aid:
A) flows from developing nations to developed nations. B) is limited to African countries. C) can lead to corrupt practices in countries ruled by dictators. D) is extremely effective in economies with extractive institutions.
The ability to produce a good or service at a lower opportunity cost than other producers incur is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
When people are considered risk averse, they:
A. generally have a low willingness to take on risk. B. generally have a high willingness to take on risk. C. will only participate in low-risk activities. D. will never accept risk in any situation.
The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of
a. the quantity supplied minus the quantity demanded. b. surpluses, shortages, and quantity. c. goods, services, labor, and financial capital. d. price controls and equilibrium prices.