In a price index, the quantity of goods and services being measured between two periods
a. must be increased.
b. must be held constant.
c. must be decreased.
d. should be increased or decreased.
b. must be held constant.
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An outward shift in the entire production possibilities frontier
A. represents economic decline. B. means that previous levels of production are now unobtainable. C. means that the only way the economy can increase the production of one good is by producing less of an alternative good. D. represents economic growth.
Policy is conducted via a rule if policymakers
a. use monetary and fiscal policy only when the political situation dictates it. b. set monetary and fiscal policy according to multiple but predetermined goals. c. a free to respond to unexpected changes in economic conditions. d. announce in advance how they will respond to changes in economic conditions.
The smallest size at which long-run average cost is at its lowest level is called
A. the minimum efficient scale. B. economies of scale. C. the maximum efficient scale. D. diseconomies of scale.
Describe the Asian financial crisis as it unfolds beginning with the devaluation of the Thai currency in July 1997, followed by the Malaysian, Indonesian and South Korean crises
As part of your answer, elaborate on the Malaysian response to the crisis versus its troubled neighbors responses.